JOHANNESBURG – New data on retirement readiness in South Africa underlines the importance of people taking a charge of their retirement affairs and setting out a formal retirement savings plan says Steven Nathan, 10X Investments’ founder and chief executive.
“No one cares more about your money than you do,” says Nathan, who adds that savers need to focus on controlling the things they can, “such as how much you save, how you invest your money and how much you pay away in fees”.
Just 7 percent of the respondents in 10X Investment’s first annual Retirement Reality Report (RRR), released on Sunday 30 September, said they had an adequate retirement plan and were executing it.
The report shows that less than a quarter of respondents (22 percent) began planning for retirement at the beginning of their careers, while more than 50 percent of respondents express regret over not having begun saving earlier in life.
While going back in time is not an option, a do-over of your current savings set-up is. According to Nathan, there are various aspects under your control that will improve your retirement savings outcomes: