MyMoney Online, Personal Finance with Warren Ingram

How much to save for retirement (a handy guide, and easy-to-use calculator)

Image courtesy of Maitree Rimthong (https://www.pexels.com/@maitree-rimthong-444156)

When saving for retirement; how much is enough?

To replace 60% of your final salary in retirement, this is how much you’ll need to save (according to Claude Hannah, a financial planner):

  • 40 years left to retirement (you need to save 15% of your income)

  • 35 years left to retirement (you need to save 18% of your income)

  • 30 years left to retirement (you need to save 22% of your income)

  • 25 years left to retirement (you need to save 28% of your income)

  • 20 years left to retirement (you need to save 36% of your income).

Hannah made relatively conservative assumptions to arrive at these estimates.

He also assumed the investor has no retirement savings and used annuity rates for men (women need to save a bit more as they typically live longer).

Play around with this very simple, easy-to-use “retirement calculator” from 10X Investments.

(You might have to sit down first.)

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
7 steps to building a business you can sell

7 steps to building a business you can sell

Pavlo Phitidis (founder of Aurik Business Accelerator) advises on turning your business into an asset of value.

Capitec Bank must OK BEE share sale. '47 000 Transnet pensioners are suffering'

Capitec Bank must OK BEE share sale. '47 000 Transnet pensioners are suffering'

"The judgment is damning against Capitec Bank," says freelance journalist Ciaran Ryan.

Why I’m leaving South Africa for Yale – Colin Coleman (CEO, Goldman Sachs SA)

Why I’m leaving South Africa for Yale – Colin Coleman (CEO, Goldman Sachs SA)

I have South African and Bok blood in my veins, says Coleman, who will continue to tend to family responsibilities at home.

Unleash your inner foodie with McDonald’s… seriously?

Unleash your inner foodie with McDonald’s… seriously?

What do you think of when you hear the word “foodie”? Probably not McDonald’s, but that’s how it's pitching its McFlurries.

Weather data suggests drought, heat and a poor harvest likely across SA

Weather data suggests drought, heat and a poor harvest likely across SA

Weather predictions don’t bode well for summer crops, warns Wandile Sihlobo, an economist at Agricultural Business Chamber.

Miss South Africa (1996) Peggy-Sue Khumalo bares her soul about money

Miss South Africa (1996) Peggy-Sue Khumalo bares her soul about money

Bruce Whitfield asks Khumalo (now the Head of Black Business Portfolio at Investec) some decidedly personal questions.

Popular articles
COVID-19 death toll rises to 18 in SA, cases at 1,845

COVID-19 death toll rises to 18 in SA, cases at 1,845

In a statement released on Wednesday night, the minister said the cases had gone up to 1,845.

Lockdown: Companies with good service on social media - and those without

Lockdown: Companies with good service on social media - and those without

Consumer journalist Wendy Knowler investigates which companies are meeting their customers’ needs on social media.

How to support outdoor entertainment indoors

How to support outdoor entertainment indoors

Theatres across the world have gone dark, but you can still support and watch the arts while at home

How did a single Netcare hospital become the epicentre of Covid-19 in KZN?

How did a single Netcare hospital become the epicentre of Covid-19 in KZN?

Bruce Whitfield interviews Richard Friedland, CEO at Netcare – owner of the hospital at the epicentre of KZN’s Covid-19 outbreak.

Expect no price hikes or shortages (except rice, pasta) from us - Tiger Brands

Expect no price hikes or shortages (except rice, pasta) from us - Tiger Brands

Tiger Brands CEO Noel Doyle assures South Africans that there are sufficient supplies of most of the company's products.

Dis-Chem launches drive-through COVID-19 testing sites

Dis-Chem launches drive-through COVID-19 testing sites

The company says the tests will cost R850 each and it may take 24 to 48 hours to get your results back.

#COVID-19: Old Mutual offers 4bn worth of free life cover to health workers

#COVID-19: Old Mutual offers 4bn worth of free life cover to health workers

The company is making it available to approximately 430,000 registered healthcare workers on the front-line of the pandemic.

Lockdown shelters in Tshwane helping reunite the homeless with their families

Lockdown shelters in Tshwane helping reunite the homeless with their families

Joanne Joseph speaks to City of Tshwane administrator spokesperson Omogolo Taunyane- Mnguni to find out more.

Only fruit and veg, fresh meat, grocery, spaza shop permits to be issued - Cogta

Only fruit and veg, fresh meat, grocery, spaza shop permits to be issued - Cogta

Deputy Minister Obed Bapela says permits fro cooked food will not be issued as well as furniture shots.

Savanna Virtual Comedy Bar launches on Thursday, featuring comedic heavyweights

Savanna Virtual Comedy Bar launches on Thursday, featuring comedic heavyweights

Bruce Whitfield and comedian John Vlismas share a few Covid-19 jokes and discuss the launch of the virtual comedy club.