How much to save for Pension?

[atomcrusher]

10 working days left for me before I launch into this phase of my life...

I assume you are talking about retirement? Believe me, I have been retired for over 3 years now and I miss working even though I had invested wisely for many years prior to retirement, so financially I am OK.
But I was the boss, so that helped me enjoy my work:twisted:

 

[MickeyD]

I assume you are talking about retirement? Believe me, I have been retired for over 3 years now and I miss working even though I had invested wisely for many years prior to retirement, so financially I am OK.
But I was the boss, so that helped me enjoy my work:twisted:

Yep and ditto here (except for the 3 years)... I have a good few things lined up, including golf and touring.

 

[lholhos]

I assume you are talking about retirement? Believe me, I have been retired for over 3 years now and I miss working even though I had invested wisely for many years prior to retirement, so financially I am OK.
But I was the boss, so that helped me enjoy my work:twisted:

Yep and ditto here (except for the 3 years)... I have a good few things lined up, including golf and touring.

Your age guys if you don't mind?

 

[OGroteKoning]

Your age guys if you don't mind?

75+

 

[chrisc]

A percentage for saving is only part of the story. Its what you do with it that matters. When you retire, you don't want to have your eggs in one basket, ie an investment tied to shares. Not that the country will slide into the sea, but another big recession will hit much harder than the 2008 dip

The obvious investment is property and the easiest to manage in terms of less hassle per buck are flats, managed by a wide-awake body corporate run by someone with lots of common sense, not because he/she knows somebody or owns several units. Here, as in any other investment, you have to do your homework. Flats in a good area that sold for R300k about 15 years ago are now going for R1,5m. Its essential to get a garage with the flat, it makes it more attractive to let and sell.

 

[atomcrusher]

Your age guys if you don't mind?

63

 

[Cius]

If you start paying in early (24-25 years old) and never take the money out and have it in decent performing high risk funds then the rule of thumb figures look something like this:

Quoted as percentage of gross, not the stupid pensionable earnings concept that was recently introduced.
12% (typical company pension contribution in finance industry): You will retire on around 60% of your last salary cheque
15% You will retire on about 75% of your last cheque
20% You will retire on over 100% of your last paycheque.

Currently I am sitting at around 15% but once my bond is paid off I am hoping to get closer to 20%. Keep in mind the above figures are very dependant on a typical career path and uninterrupted employment. If you have a low or medium risk fund (big mistake) then the amounts can pretty much be halved as they do not give you enough growth over the long term. You need to be in the maximum amount of equity (75%) as possible with a reputable fund spread.