How much is enough for retirement?

In South Africa, at least R35m in a savings account so you can live off the interest. Over and above what you have in fixed investments for the day you run out of money and start using your actual savings. Unfortunately, if you can survive on less, you will live a meagre life counting and turning your Rands and Cents with not a lot to look forward to.
 
rvZA said:
In South Africa, at least R35m in a savings account so you can live off the interest. Over and above what you have in fixed investments for the day you run out of money and start using your actual savings. Unfortunately, if you can survive on less, you will live a meagre life counting and turning your Rands and Cents with not a lot to look forward to.
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Dude, you are just fear-mongering and talking a load of BS.
 
rvZA said:
In South Africa, at least R35m in a savings account so you can live off the interest. Over and above what you have in fixed investments for the day you run out of money and start using your actual savings. Unfortunately, if you can survive on less, you will live a meagre life counting and turning your Rands and Cents with not a lot to look forward to.
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rvZA said:
A single 80 year old would need at least R45 million in a bank account or investment in order to live off monthly interest comfortably in South Africa. Unfortunately, with rising inflation, rising taxes, rising living costs, this money will not last him another 15 years and he will run out eventually.
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That's good; we need R10m less than a month ago so things have improved then. At this rate by next year, we'll need like R3m.
 
rvZA said:
In South Africa, at least R35m in a savings account so you can live off the interest. Over and above what you have in fixed investments for the day you run out of money and start using your actual savings. Unfortunately, if you can survive on less, you will live a meagre life counting and turning your Rands and Cents with not a lot to look forward to.
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R35m in a savings account? Where do u come up with this schit
 
Splinter said:
Dude, you are just fear-mongering and talking a load of BS.
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Dude, good luck with your R5m, R7m or even R10m pension fund! When the times come, hope you do not have to lower your living standards, count your cents before you need to buy something, or perhaps even worse... running out of it before you die.
 
rvZA said:
Dude, good luck with your R5m, R7m or even R10m pension fund! When the times come, hope you do not have to lower your living standards, count your cents before you need to buy something, or perhaps even worse... running out of it before you die.
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Lol you'd be retired. Why would you need to buy anything or have a high living standard?
 
backstreetboy said:
Lol you'd be retired. Why would you need to buy anything or have a high living standard?
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Retirement does not mean you need to sit at home each and every day watching TV, later getting transferred into an aged care home where you eventually die. This is how most South Africans these days tend to die off.

If you plan carefully, you can actually start living when you go on pension. A lot of countries to see. A lot of world tours you can take. Friends and family you could visit. Maybe, if you are still in SA, afford to install a decent solar system in cash. Maybe buy one or two more high end luxury vehicles before you die. Perhaps even afford to pack up and leave the country and go settle in another country where you can die peacefully, without having to worry paying millions of Rands for this. I know of many people who packed up and left this country after going on pension to be with their children. Did not need to rely on their children and did their own emigration and are still living comfortably abroad.

Like I mentioned. The alternative to this is quite easy and plain forward.
 
rvZA said:
Retirement does not mean you need to sit at home each and every day watching TV, later getting transferred into an aged care home where you eventually die. This is how most South Africans these days tend to die off.

If you plan carefully, you can actually start living when you go on pension. A lot of countries to see. A lot of world tours you can take. Friends and family you could visit. Maybe, if you are still in SA, afford to install a decent solar system in cash. Maybe buy one or two more high end luxury vehicles before you die. Perhaps even afford to pack up and leave the country and go settle in another country where you can die peacefully, without having to worry paying millions of Rands for this. I know of many people who packed up and left this country after going on pension to be with their children. Did not need to rely on their children and did their own emigration and are still living comfortably abroad.

Like I mentioned. The alternative to this is quite easy and plain forward.
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Bwahahaha. So the R35 million include two Ghost Phantom cars. You should specify that.
 
rvZA said:
Retirement does not mean you need to sit at home each and every day watching TV, later getting transferred into an aged care home where you eventually die. This is how most South Africans these days tend to die off.

If you plan carefully, you can actually start living when you go on pension. A lot of countries to see. A lot of world tours you can take. Friends and family you could visit. Maybe, if you are still in SA, afford to install a decent solar system in cash. Maybe buy one or two more high end luxury vehicles before you die. Perhaps even afford to pack up and leave the country and go settle in another country where you can die peacefully, without having to worry paying millions of Rands for this. I know of many people who packed up and left this country after going on pension to be with their children. Did not need to rely on their children and did their own emigration and are still living comfortably abroad.

Like I mentioned. The alternative to this is quite easy and plain forward.
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Going a bit far there, dude. Rule of 300 or 4% rule are easy rules of thumb to point you in the right direction. Understand the difference between investing and saving and educate yourself on personal finance. I know a bunch of young people who are retiring between 40 and 50 by keeping cost of living down, living within their means and saving and investing cleverly.
 
Maurice Kitching said:
Going a bit far there, dude. Rule of 300 or 4% rule are easy rules of thumb to point you in the right direction. Understand the difference between investing and saving and educate yourself on personal finance. I know a bunch of young people who are retiring between 40 and 50 by keeping cost of living down, living within their means and saving and investing cleverly.
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With current world events, looming food shortages, collapsing economies, war, world order changes, all previous investing, savings, economic rules are out the window. People are in for a rude awakening. None of this is temporary. None of it is transitory. These events, inflation, increasing living costs will outlive anyone alive today.
 
rvZA said:
In South Africa, at least R35m in a savings account so you can live off the interest. Over and above what you have in fixed investments for the day you run out of money and start using your actual savings. Unfortunately, if you can survive on less, you will live a meagre life counting and turning your Rands and Cents with not a lot to look forward to.
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Please explain why you say atleast R35 in a “savings account” that is the dumbest thing I have ever heard
 
BusinessTech said:
How much is enough for retirement?

How much money will I need to retire comfortably and am I on track to get there? These are common questions asked by people around the world.
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use the 4% rule

www.discovery.co.za

The 4% Rule | Retirement Planning

The 4% rule is often used in retirement planning to calculate how much money you will need when you retire. Here is how it works…
www.discovery.co.za www.discovery.co.za

Charles Schwab

www.schwab.com

Nice article

The 4% Rule: A Retirement Withdrawal & Spending Strategy | The Motley Fool

Learn to secure a comfortable retirement for yourself by employing the 4% rule. This strategy helps retirees plan for living well & living within their means.
www.fool.com www.fool.com
 
MaisonP said:
Please explain why you say atleast R35 in a “savings account” that is the dumbest thing I have ever heard
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Because, at best, today, after taxes, you should earn around R140k in interest every month. This will be more than enough for a comfortable lifestyle. Perhaps even a trip this month to visit your grandchildren in the US this month, and those in the UK next month and those in Australia the month thereafter. At least, this amount will allow you to travel and visit without the need of worrying about a collapsing Rand. Should also leave you in a comfortable position to save up more money for this massive increasing living costs, inflation the whole world is facing - in addition to leaving you with the option of emigrating and settling abroad in 15 years from now, should you ever decide to do so.

Without this amount, your options gets limited tremendously.

About 10-15 years ago someone stated you would need around R20m in order live a comfortable life from retirement to death. Today, R20m is absolutely nothing. You cannot even emigrate with this. I am starting to wonder if R35m even is enough today.
 
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