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Planning for the future
has never been so easy!
E&OE
Disclaimer |
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Scenario 1
A 20 year old person decides to start
saving R100 per year in a retirement annuity until he turns 30, then
stops contributing. He leaves his money to grow in the fund until he
reaches age 55.
Result
Assuming 10% intererest compounded
annually is earned on his investment from inception :
R100 per year @ 10% PA for ten years = R
1753 @ age 30.
R 1753 lump sum @ 10% PA for 25
years (until age 55) R18993 on retirement. |
Scenario 2
A 30 year old person decides to
start saving R100 per year in a retirement annuity until he turns
55.
Result
Assuming 10% intererest compounded
annually is earned on his investment from inception :
R100 per year @ 10 PA for twenty
five years = R 10818 ate age
55. |
Taking the above two scenarios into account, it is clearly
wiser and far cheaper at the end of the day to start saving early. Of
course, the chap in Scenario 1 could have continued contributing until age
55, he would then have had phenomenally more available on retirement than
the chap in Scenario 2. Moral of the Story : It's
never to early to start saving for retirement! In fact the earlier you
start = the better off you will be on retirement.
To start saving for your Retirement - E-mail us on
support@mybroker.za.net or contact us
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