MOSTLY Bs (MIDDLING MICHELLE)

You know you need to save for retirement, you even have a savings fund in place … but you are not entirely sure about it/can’t really be bothered.

The Middling Ms are not necessarily that much better off than Naked Nick. They have a false sense of security that everything is going to be okay because their company pension fund administrator or their HR team is going to make sure it is so.

If this is you, think about who needs to do what to make sure you are on track to be able to pay your bills in retirement, never mind travelling internationally (and dressing the part).

If you don’t have a retirement savings plan, create one using a retirement savings calculator. If you do have a retirement savings plan, revisit it and check that it is still fit for purpose. to the working world on your own terms. You could very well be on track to join the Fire community, but don’t be in too much of a rush to exit the world of work. You can withdraw from your retirement annuity only after age 55.

Also, the earlier you retire the longer your savings will have to last you. For some of us, the idea of being a retiree for 50 years is just as daunting as being a worker for 40.

Also, as Andre Tuck, Senior Investments Consultant at 10X Investments, says: “If you choose to work for another two, three, five years, or more, you will give yourself those years back threefold. You’ll have extra years to save, your investment has more time to grow, and you have another few years where you’re not drawing down on your savings.”

This article was supplied by 10X Investments. It should be regarded as general information only; it is not intended as nor does it constitute financial advice.