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Ask your employer about retirement options available, before you commit - expert

* 30 June 2022 3:13 PM
Tags:
Old Mutual
employees
Retirement funds
Malusi Nldovu

Clement Manyathela spoke to Old Mutual's director for large enterprises market - Malusi Ndlovu, for more.

Retiring comfortably in South Africa has been made worse by the COVID-19 pandemic, with even fewer people looking forward to a secure retirement.

Experts do add, however, that in some cases it's a lack of knowledge when it comes to financial planning for life post-work, that affects how and how much people save.

Clement Manyathela spoke to Old Mutual's director for the large enterprises market, Malusi Ndlovu - who unpacked the importance of starting to plan for retirement earlier.

Ndlovu said that employees have a right to consult employers before committing to their compulsory retirement plan.

Even if you are one of those people forced through the employer, make sure you ask about the options that are there, what are various investment choices, where do I find about how to nominate beneficiaries in case I pass away so that my money goes to the right people.

Malusi Ndlovu, Director - Old Mutual retirement

We estimate that in order to replace your income, you need to save fifteen percent of your salary for thirty years which is quite a lot and start as soon as possible.

Malusi Ndlovu, Director - Old Mutual retirement

Listen to the full interview below...




* 30 June 2022 3:13 PM
Tags:
Old Mutual
employees
Retirement funds
Malusi Nldovu

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