Alexander Forbes Retirement planning

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Retirement planning

The main purpose of your retirement fund is to accumulate enough retirement savings to provide you with a regular and reliable income after you retire. Actuarial professionals in the retirement industry agree that your final retirement benefit should provide you with, at least, a minimum pension income of 75% of your final annual fund salary. The pension should allow for yearly increases so that your income is not affected by inflation (also known as the Consumer Price Index, or C.P.I). Our consultants have the resources and knowledge to help you track your retirement savings to make sure you retire with enough money to keep the standard of living you are accustomed to when you retire.

The agreed figure of 75% is used because it is assumed that as a pensioner:
- From age 65 you have a higher tax rebate so should be paying less tax
- Your medical aid contributions and costs are fully tax-deductable
- You are no longer saving for retirement
- Your overall living expenses will decrease
- You are debt-free at retirement (assuming house and car are paid for and children are no longer dependants).

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