How much do you want to spend in retirement?

Z

Zwieback

Active Member
Joined
Apr 22, 2009
Messages
71
Since I turned 40 I have started to think seriously about my needs at retirement. I am sure one could get bye on R20k/month, but this is what I would LIKE to have to spend in retirement. And you?

ANNUAL IDEAL
R100,000 Motor Vehicles - 2 Cars worth R1,000,000 traded-in every 5 years.
R200,000 Travel - 2 overseas holidays per annum
R240,000 Living, Food, Entertainment, Clothes, Etc.
R60,000 House Upkeep
R60,000 Asset Acquisitions - new TV, computer, etc.
R60,000 Insurance
R720,000 Total - R60,000 per Month


ANNUAL MINIMUM
R40,000 Motor Vehicles - 2 Cars worth R500,000 traded-in every 6 years.
R80,000 Travel - 1 overseas holidays per annum
R180,000 Living, Food, Entertainment, Clothes, Etc.
R40,000 House Upkeep
R40,000 Asset Acquisitions - new TV, computer, etc.
R40,000 Insurance
R420,000 Total - R35,000 per Month

I would like to be able to retire at 55 and hopefully no later than 62.
 
G

guest2013-1

guest
Joined
Aug 22, 2003
Messages
19,800
I've been saving for my retirement since I was 22. Not much though, I only do R1100 solid per month now. Hopefully would be upping it considerably in the next few months but going the share route.

You should try and pay off car/house and then retire. You don't need a flashy new car every 5-6 years. **** cars. Cars are evil *looks at his debt* ****ing cars.... CARS?!?!? ha! damn cars... lotto?


Oooh look a bird...
 
G

guest2013-1

guest
Joined
Aug 22, 2003
Messages
19,800
It seems I need to jack up my contributions a month by about R3500 to reach R20k a month retirement when I'm 55
 
O

Ou grote

Honorary Master
Joined
Sep 3, 2007
Messages
15,472
AcidRaZor said:
You seem knowledgable in these things. Should I keep contributing to my RA or should I diversify into other stuff? Like, up my contribution to the RA by R1500 and then the other R2000 into a money market account?
Click to expand...

Not knowledgable in general, only where it concerns me. ;)
There's a thread about RA's started by xrapidx.

RA's have tax benefits, so from that point of view they benefit u.
They also have fees, so u need to look out for that.

Putting R500 a month away into one probably won't be a bad idea.
But you'll want to find out what happens if you stop contributing to it etc...

There's some explanations on how they work here:
http://www.allangray.co.za/individualInvestors.aspx#retirement
 
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