Saving is probably the most important aspect of any financial investment be it for retirement or otherwise. This week on New Retirement Thinking, Walter van der Merwe, CEO of Fedgroup Life discusses the importance of saving. Van der Merwe says the reason why most South Africans are not able to retire comfortably is because many people start saving late and are more concerned with instant gratification than planning for the future. “We live for today, we don’t think about the longer term... Retirement is far away and it’s for old people. The truth of it is, in order to have a good retirement we need to start today,” he says. You should be saving 10-15% of your salary every month, says Van der Merwe, and with time you will be able to increase this amount as your salary increases. He says companies must be clear about how much money clients are paying towards administration fees but the onus is also on individuals to read and understand the fine print of the policies and products they ...
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