Are you avoiding talking about retirement? If you saw how little a million does for you, would this motivate you?
Yes, we’re all in the same boat. Retirement is creeping closer and closer, and you’re already struggling to make ends meet right now. The big question is, “Where are you going to find the extra money to save?”
If you think about it – if you’re struggling now, then how much more will you struggle in retirement? Ask the gentleman below.
Now I don’t want to get caught up in discussing retirement, I simply want to answer a question I get asked all the time.
The question is, “How much do I need to retire on comfortably? R1 million, R3 million, R5 million…?”
So I decided to show you what a million Rand pension would do if you were retiring today.
You’re about to meet three gentlemen on the brink of retirement:
- Herman who is retiring at 65 only because he’s reached retirement age
- John who is retiring at 60, and
- Paul who is calling it quits at 55 because he wants to.
The first thing I usually do when approached by someone about to retire, is shop around for a conventional life annuity. So let me first explain this.