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Committing to retirement savings is difficult enough and more so if you are self-employed and structure your own salary or you don’t have any employer pension benefits.

So when you make the commitment to save for retirement and you have to as soon as possible.
Also commit to the review and monitoring process of your retirement plan and please don’t wait until just before you plan to retire. If you have existing retirement products, please do a detail review of those.

Your review should entail looking at your fund structure, retirement goals, timing of retirement and very importantly your fees.

In the above table the retirement values are shown after 30 years of saving R7000pm increasing by 10% per annum for two different retirement products. All being equal in terms of fund selection and returns, the only difference being the fees charged on each retirement product.
Note: The difference after adjusting for inflation is R1,7 million in today’s money terms.

What is clear in this comparison is that two clients making the same monthly contribution can end up with two materially different outcomes.

More many people your retirement savings could be your single biggest asset over your lifetime, you should treat it as such.
Take the time and make the effort to consult a professional independent advisor as you will not only save money, but with a proper process, and good advice, you stand to make a lot of money, as you should.
If you do not have a professional independent advisor contact us for a review.

Jacques Hodsdon – MCom Tax | CA(SA) | CFP ® is a Director of Affluence Group and specialising in Investments & Estate planning
For enquiries contact, jacques@afgroup.co.za or 013 752 6566