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
Stats SA Council threatens to resign over lack of funding, frozen posts

Stats SA Council threatens to resign over lack of funding, frozen posts

''If there are no official statistics approved by the statistician general - at that point I think your rates agencies will just say Game Over.''

An Allan Gray advertisement hits home and a golf resort gets lost

An Allan Gray advertisement hits home and a golf resort gets lost

Andy Rice, branding and advertising expert, tells us what ads caught his fancy and which ones baffled him.

Why EY thinks it's time to start dropping SA’s corporate tax rate

Why EY thinks it's time to start dropping SA’s corporate tax rate

If the corporate tax rate in South Africa gets lowered, would it lead to higher tax collections?

'Extreme concerns' about coronavirus making landfall in Africa

'Extreme concerns' about coronavirus making landfall in Africa

The coronavirus has made landfall - and apart from obvious dangers, its effect on the Chinese economy will also hit Africa hard.

'Life is short, have an affair' - this company makes millions out of skelmpies

'Life is short, have an affair' - this company makes millions out of skelmpies

Ashley Madison has 60 million members globally and has turned infidelity - cheating on a partner - into big business.

Jack Parow talks money, honey

Jack Parow talks money, honey

Jack Parow tells The Money Show how he runs his finances cooler than you.

Popular articles
'Toddler (Boy) Mamabolo is behaving like a toddler who is at nursery school'

'Toddler (Boy) Mamabolo is behaving like a toddler who is at nursery school'

Eusebius McKaiser gives his opinion on the behaviour of politicians in Parliament during the Sona debate.

Possibility of Wednesday load shedding has increased, warns Eskom

Possibility of Wednesday load shedding has increased, warns Eskom

The power utility has warned that the system remains vulnerable and load shedding can be implemented at short notice.

[WATCH] SANDF tank crashing through crowd goes viral, is this another Mabena?

[WATCH] SANDF tank crashing through crowd goes viral, is this another Mabena?

Khabazela shares some of the videos that went viral on Twitter and Facebook.

[WATCH] Camera falling from plane into pig pen has social media in stitches

[WATCH] Camera falling from plane into pig pen has social media in stitches

Khabazela shares some of the videos that went viral on Twitter and Facebook.

Who actually owns this house, some social media users say it belongs to them

Who actually owns this house, some social media users say it belongs to them

Khabazela shares some of the videos that went viral on Twitter and Facebook.

'If  Statistics SA Council is destroyed it will leave country at disadvantage'

'If Statistics SA Council is destroyed it will leave country at disadvantage'

Former statistician-general Dr Pali Lehohla says if the agency doesn't receive more funding, citizens will be denied information.

'Extreme concerns' about coronavirus making landfall in Africa

'Extreme concerns' about coronavirus making landfall in Africa

The coronavirus has made landfall - and apart from obvious dangers, its effect on the Chinese economy will also hit Africa hard.

An Allan Gray advertisement hits home and a golf resort gets lost

An Allan Gray advertisement hits home and a golf resort gets lost

Andy Rice, branding and advertising expert, tells us what ads caught his fancy and which ones baffled him.

Why EY thinks it's time to start dropping SA’s corporate tax rate

Why EY thinks it's time to start dropping SA’s corporate tax rate

If the corporate tax rate in South Africa gets lowered, would it lead to higher tax collections?

Stats SA Council threatens to resign over lack of funding, frozen posts

Stats SA Council threatens to resign over lack of funding, frozen posts

''If there are no official statistics approved by the statistician general - at that point I think your rates agencies will just say Game Over.''