{"id":1859,"date":"2024-11-15T11:46:48","date_gmt":"2024-11-15T11:46:48","guid":{"rendered":"https:\/\/www.innov8fs.co.za\/blog\/?p=1859"},"modified":"2026-03-18T11:46:06","modified_gmt":"2026-03-18T11:46:06","slug":"how-to-live-your-best-life-until-youre-90","status":"publish","type":"post","link":"https:\/\/www.innov8fs.co.za\/blog\/2024\/11\/15\/how-to-live-your-best-life-until-youre-90\/","title":{"rendered":"How to live your best life until you\u2019re 90"},"content":{"rendered":"

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Living your best life is possible, and within reach, even years after you stop working. It takes some planning though, and recognition that it isn\u2019t too early to plan the life that you want after your last pay cheque. People are living longer now than in any time in history, so celebrating your 90th<\/sup>\u00a0birthday is a real possibility. But will your retirement savings last as long as you do?\u00a0Waldette Stoffberg, business development manager at Glacier by Sanlam,<\/strong>\u00a0breaks down the steps to a life worth living, from now until well into your old age<\/p>\n

Tip #1 Think about the 60-year-old you, even as you\u2019re launching into the world in your 20s.<\/h3>\n

You may be starting your first, second or even your third job, but you\u2019re definitely following the career you want, and success is a non-negotiable for you. You\u2019re truly adulting and it\u2019s not all bad. You own your first car and have vehicle insurance and medical aid. You\u2019re planning your first overseas trip, soon. But what about saving for retirement?<\/p>\n

\u201cPlanning for retirement is an essential part of your financial plan, even when you\u2019re as young as your early 20s\u201d, says Waldette.<\/p>\n

Tip #2 Don\u2019t go too low.<\/h3>\n

So, you think you\u2019re saving for retirement by contributing monthly to your employee pension fund at work, but are you saving enough? In your 20\u2019s and 30\u2019s you might be contributing less than required to your pension fund.<\/p>\n

\u201cAny percentage below 10% is too low,\u201d says Waldette. \u201cIf your after-tax monthly salary is R15\u00a0000, then your contribution should be no less than R1500 per month\u201d, she says. \u201cYou have an opportunity annually to increase this percentage, and it really is sensible to do that.\u201d<\/p>\n

Many employers do not offer an employee pension fund, so saving for retirement is left entirely up to you to arrange privately, and let\u2019s face it, you\u2019d rather spend the R1500 per month on shoes or gadgets, right?<\/p>\n

\u201cIt\u2019s tempting not to save for something like retirement that is just so far away\u201d, says Waldette, \u201cbut think of the experiences that you\u2019re having now \u2013 in your 20s, 30s and even your 40s. Why should they stop the day you stop working at age 60 because you can\u2019t afford them?\u201d<\/p>\n

Tip #3 A retirement annuity (RA) is a valuable addition to your financial plan.<\/h3>\n

Whether you\u2019re contributing to an employee pension fund at work or not, here are some good reasons to invest in an RA:<\/p>\n

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  • It provides a kickstart<\/strong>\u00a0to your retirement savings plan. An RA can propel you on your retirement savings journey \u2013 as a standalone solution, or as part of a retirement savings plan.<\/li>\n
  • It offers flexibility<\/strong>. You can pause or reduce your RA contributions if you need to do so.<\/li>\n
  • You can enjoy tax benefits.<\/strong>\u00a0A portion of your contributions to an RA is tax deductible, and you also don\u2019t pay tax on interest or capital gains within an RA. So, you have more money to spend on yourself.<\/li>\n
  • It ticks many retirement savings boxes.<\/strong>\u00a0An RA potentially offers you the opportunity for investment in a wide range of funds, risk-profiled solutions and a\u00a0