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SPONSORED How your retirement adventure unfolds is largely determined by the financial decisions you make before retirement. Whether you started saving early, spent your savings or reinvested them, and whether, at retirement, you withdraw more than the recommended amount from your retirement savings, will impact on how you live out your golden years. This is the conclusion of a recent survey by financial institution Glacier by Sanlam of 82 South Africans who had retired with relatively comfortable monthly incomes. The following are some of the most common scenarios when planning your retirement. Starting early Your mid-twenties or earlier is the optimal age to start saving as it enables you to capitalise on compound interest. As an example of the benefits of starting to save early, Patrick Sheehy, head of product management at Glacier by Sanlam, says if you saved R100 a month for 40 years starting at 25, you would retire with the same amount as someone who only starts at 45 and who ...

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