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If you’re in your 30s, 40s or 50s – and you don’t have much or any investments – there’s still lots you can do to ensure a comfortable retirement.
The Money Show’s Bruce Whitfield asked Jeanette Marais for five tips for those who have left it late.
(Note: Marais is with Momentum Metropolitan Life Limited. When the interview took place, she was with Allan Gray.)
How to save for retirement when you’ve left it late (in the tiniest of nutshells):
1.
The biggest problem is when people leave jobs without preserving their retirement savings.
— Jeanette Marais
2.
If you start at 40 you must save 40% of your income to make up for the lost time.
— Jeanette Marais
3.
Delaying retirement by five years will make a huge difference.
— Jeanette Marais
4.
Do not be too conservative! You must have equity exposure.
— Jeanette Marais
5.
Merely putting your money in the bank guarantees the loss of buying power.
— Jeanette Marais
For more detail, listen to the interview in the audio below.
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