Question:
I am a 55 year old woman and I am looking for a good retirement fund as I have no retirement fund at the moment. am I too old to start saving for retirement? please help me in that matter.
Answer:
Debbie, Assuming you wanted to secure a guaranteed retirement for the rest of your life (from age 65 onward) that replaces 60% of your final salary (a sound minimum target) and grows annually with inflation, then you would have to save around 90% of your income for the next ten years, to reach this goal. Alternatively, you could delay your retirement to age 70, in which case you would "only" need to save 45% of your monthly income until then. But yes, it is quite late to start saving for retirement; however on the basis that anything is better than nothing, it is never too late to put money aside for the future and to start saving for retirement. A "good" retirement fund (as an individual you would have to consider a retirement annuity fund) is one that invests you according to your time horizon, charges low fees and secures you the approximate market return (a result that beats the majority of fund managers). 10X offers such a retirement annuity. Find out more about the 10X RA. Please use our retirement calculator or access our learning centre to assist with your retirement planning.
