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How can those above 45 improve retirement savings?

There is still time.

Ciaran Ryan of Moneyweb and Clarence Botha of Liberty talk about the following in more detail in this webinar.

  • Saving specifically with retirement in mind. How not to be overwhelmed by large targets, as these become achievable soon. 
  • Tax. Tax is a very important and will depend on your specific financial situation. It’s important to use all the tax benefits available to you.
  • The preservation of retirement savings when changing jobs. Even if the amount seems like it isn’t all that much.
  • Risk profile, investing for growth and ignoring the short-term fluctuations.  There’s always risk versus reward.
  • Your horizon is longer than what you think. Even when you are approaching retirement, the years you are going to spend in retirement are probably going to be many. 
  • Avoid cheating! What seems to be small amounts or percentages now, will have massive impacts on your income and duration you can afford to live later. 
  • When you retire, be honest with yourself and understand the decisions you are making.
  • How much is enough? 
  • How do I work out what annual return I would need to sustain my current income drawdown? 

Guest:
Clarence Botha is currently an investment product actuary at Liberty and is qualified to speak on this topic today as he has 18 years’ experience structuring and advising on investment products for retirement funds and individuals.

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