PSG answers your retirement savings, emergency funds and fuel storage.
I recently read that women face unique retirement challenges due to career interruptions, caregiving responsibilities and a longer life expectancy. As someone who has prioritised family financial commitments over retirement savings for much of my career (I’m in my early 40’s), what should I look at regarding catching up on retirement planning, and what actions do you think can make the biggest difference at this stage? Bianca van Niekerk, Wealth Adviser, PSG Wealth, Vanderbijlpark Financial Planning
You are right, women often face more career and investment interruptions which can result in lower lifetime earnings and retirement savings. The good news is that being in your 40’s is not too late! If you are planning to retire in your 60’s, you still have twenty years for your money to grow and benefit from the power of compounding.
Before playing catch-up, do a reality check first. Where do you stand today? Do you have any savings in place, or are you starting from scratch? What are your outstanding debts, and your projected income need at retirement? I don’t want you to underestimate your situation or overestimate your shortfall.
