When did you start saving for your retirement?

When did you start saving for your retirement?

  • In my 20s

    Votes: 134 49.3%

  • In my 30s

    Votes: 60 22.1%

  • In my 40s

    Votes: 20 7.4%

  • In my 50s

    Votes: 4 1.5%

  • In my 60s

    Votes: 1 0.4%

  • I have not started saving for my retirement

    Votes: 40 14.7%

  • Other

    Votes: 13 4.8%
  • Total voters
    272
Bradley Prior

Bradley Prior

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According to the 10X Investments Retirement Reality Report, most South Africans have still not formally planned for retirement.

Furthermore, franchise principal and financial adviser Marnus Mostert recently outlined how much easier it is to save for retirement if you begin early. Read more here.

With this in mind, have you started saving for retirement, and if so, when did you begin?
 
I started when I began my employment at Sasol. Their terms of employment dictates being part of their pension fund is compulsory. I therefore contributed 40 years, 5 months and 26 days to the fund.
 
If you started saving up in the 1970's you can retire today. But, with current inflation and collapsing of the economy, you are bound to run out of savings in the next decade or so and at the age of 80 or 90 you will need to find employment to sustain yourself.

For those who started saving after 2000, you are in serious trouble. You will never retire. Every cent paid to your retirement fund will just decline in future.
 
I am extremely tempted by Smith & Wesson retirement plan, with one small twist- instead of using the gun to end my life, I'll just use it to rob people.
 
rvZA said:
If you started saving up in the 1970's you can retire today. But, with current inflation and collapsing of the economy, you are bound to run out of savings in the next decade or so and at the age of 80 or 90 you will need to find employment to sustain yourself.

For those who started saving after 2000, you are in serious trouble. You will never retire. Every cent paid to your retirement fund will just decline in future.
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I have an amazing idea to reduce my living costs in retirement - beach house with, get this, trained penguins to fetch me fresh fish each day! No more spending money on protein at the grocery store!
 
3WA said:
I have an amazing idea to reduce my living costs in retirement - beach house with, get this, trained penguins to fetch me fresh fish each day! No more spending money on protein at the grocery store!
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Well at least if the stupid little c*nts can't bring fish to you, at least you can eat them.....
 
TL/DR, but I am guessing the ideal time to start saving for your retirement is probably five to ten years before you were born.... so Other
 
rvZA said:
If you started saving up in the 1970's you can retire today. But, with current inflation and collapsing of the economy, you are bound to run out of savings in the next decade or so and at the age of 80 or 90 you will need to find employment to sustain yourself.

For those who started saving after 2000, you are in serious trouble. You will never retire. Every cent paid to your retirement fund will just decline in future.
Click to expand...

This is not true unless you earning next to nothing, saving the minimum amount, living beyond your means and have no investments.

Having every thing you own in Rands is not the best idea either even though SA markets are doing better than most others.

These are part of a retirement plan and a retirement annuity is part of the greater plan.

I think the marks are by 30 you should have a years salary saved of what you are earning at the time, by 40 3x, by 45 4x and 50 6x etc which is tough but doable.
 
Scary_Turtle said:
This is not true unless you earning next to nothing, saving the minimum amount, living beyond your means and have no investments.

Having every thing you own in Rands is not the best idea either even though SA markets are doing better than most others.

These are part of a retirement plan and a retirement annuity is part of the greater plan.

I think the marks are by 30 you should have a years salary saved of what you are earning at the time, by 40 3x, by 45 4x and 50 6x etc which is tough but doable.
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All I can say is.... good luck to you.
 
r00igev@@r said:
My grandparents and parents left me squat. I plan on doing the same.
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The biggest favour you can do for the new generation is to leave them with absolutely nothing. Even our older generation, the majority of us used to get nothing with the exception for R10k here, a house being sold and profits split between 5 family members, etc.

The new generation should learn that people inheriting millions was a myth. Very, very few people in this country were that lucky in the past. Most wealth in this country was generated by honest, hard-working people who started up businesses with no money, or helped other businesses to grow, create jobs and grow the economy. Easy as that.
 
I made the mistake of only starting my 30's. If you are still in your 20's and you haven't started saving for retirement, do so now! Future you will thank you.
 
Solitude said:
I made the mistake of only starting my 30's. If you are still in your 20's and you haven't started saving for retirement, do so now! Future you will thank you.
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In the US, if you started contributing towards your 401K after leaving school, you could retire comfortably in your early 40's. Most people I knew living there also did so. But, times have changed. The world is under siege. Capitalism is being eradicated globally. What awaits the new generation is terrible.
 
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