How much do you have saved?

ryan411 said:
Or at the very least quite negligent of your employers to allow this to happen.

W.r.t. the OP, surely there are online retirement calculators better suited to the question of retirement savings than working on 10x your annual CTC??
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Sure, as said before looking for "back of the envelope" calculations for when you're discussing round a braai etc. The 240x your monthly expenditure might be a better measure though.
 
Yea - just to clarify.

If my CTC is R120,000.00 - is it what I have in the bank/investments as a percentage?
So I have R60,00.00 in the bank, I've saved 50%? Olny liquid cash - not paid off property?
What about existing debt like car, bond or short term - take those off?

In that case, shouldn't most of be at negative percentage?
 
I was feeling feeling sad at one stage...until I saw the pension and remembered my RA's. Thought you were referring to cash. 400%
 
I'm probably in the negative figure at the moment.
If I had to cash my pension out it wouldn't settle my vehicle finance.
I'm busy pumping extra cash into the house bond but whether one can class a primary residence as an investment or a liability is a topic for debate.
So yeah ... 34 years old and barely a cent to my name.
Once the house is paid off in 6 years I can put 35% to 45% of CTC into savings/investments every year.
 
^^vampire^^ said:
When people say this would you say that includes the money you don't spend and rather save. On average I spend 40%-45% of my monthly salary and save the rest so would this 6 months worth of savings be 6 x (45% of salary) or 6 x (100% of salary)?
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noxibox said:
I'd rather put it into an investment I can convert to cash fairly quickly.
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Putting it into investments is also fine, financially better. I'm working on a emergency principle when you need cash right now, right here.

How quickly can you access it?

There's also the other option of withdrawing from a credit card in a emergency on the condition that you can transfer it back before they start charging you interest. But this requires a BIG limit :D
 
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Yes, I'd pay with the credit card rather than draw out cash. Can't think of many circumstances where I'd need cash.

satanboy said:
Don't worry there is always a government pension you can fall back on. ;)
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I don't know how anyone lives on a state pension in this country.
 
Hmmm, nice thread. Anyways, including pensions and extra in bond + share account I am sitting at about 104% of CTC. Age is 33.

More important measure of wealth to me is how long I could maintain my current lifestyle if I lost all income sources from my savings. Currently that stands at about 8 months as most of my wealth is locked into pension.
 
Cius said:
Hmmm, nice thread. Anyways, including pensions and extra in bond + share account I am sitting at about 104% of CTC. Age is 33.

More important measure of wealth to me is how long I could maintain my current lifestyle if I lost all income sources from my savings. Currently that stands at about 8 months as most of my wealth is locked into pension.
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Got retrenchment cover (R142pm) that will get my by for 6 months without touching my savings.
 
Hmm, not sure if I have something like that built into my PPS benefits. Must check. Also forgot UIF. Hopefully that would get me past that without digging into savings. Well hopefully I am never out of work. So far so good but anything can happen I guess.
 
these threads are of benefit to no one...they are just depressing...
either people earn a lot and can save a lot -- or their annual CTC is not a much a my mind is making it
 
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