{"id":495871,"date":"2021-06-03T14:51:45","date_gmt":"2021-06-03T12:51:45","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=495871"},"modified":"2021-06-03T16:32:46","modified_gmt":"2021-06-03T14:32:46","slug":"you-want-to-retire-in-your-40s-start-saving","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/495871\/you-want-to-retire-in-your-40s-start-saving\/","title":{"rendered":"You want to retire in your 40s? Start saving!"},"content":{"rendered":"<p>Kristof du Plessis is amazed at the disconnect between what people dream and what they do, and the fact that so many people lack the one thing that has the potential to link the two: a plan!<\/p>\n<p>\u201cYou ask people: \u2018When do you want to retire?\u2019 and most people say they want to be financially independent by their late 40s. Then you say to them, \u2018Well okay, you are 32 now, what are you doing to become financially independent in your 40s?\u2019 and they usually don\u2019t have a plan.\u201d<\/p>\n<p>Kristof adds: \u201cI really want to advise people: Talk to someone, make a plan, work the plan.\u201d<\/p>\n<ul>\n<li><a href=\"https:\/\/www.10x.co.za\/retirement-annuity?utm_source=business%20tech&amp;utm_medium=partnership&amp;utm_campaign=BizTech3Kristof&amp;utm_content=Retirement%20savings%20calculator#personalised-plan\" target=\"_blank\" rel=\"noopener\">Use the 10X calculator to create your own unique savings plan<\/a><\/li>\n<\/ul>\n<p>Kristof mentions the R350,000 annual allowance that taxpayers get if they save for retirement, and adds: \u201cYou have no excuse \u2026 that money comes back to you as a tax break.\u201d<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/hs064F5vH20\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>\u201cSit down with a financial adviser and look at those calculations. See how quickly a small monthly investment, reinvesting the tax break on that \u2026 what a big difference that can make.\u201d<\/p>\n<p>The 39-year-old father of three has been saving for retirement since he started working in his early twenties. When asked what he would advise young people, Kristof said: \u201cMy advice to young people would be, start saving at a very young age. Get used to it, get used to saving at least 10% of your income, putting that away.\u201d<\/p>\n<p>He says they should increase that as their income grows. \u201cLet the 10% become 20% become 25% and, before you know it, you are in a very good position, a position where you are financially independent.\u201d<\/p>\n<p>Financial independence for Kristof would mean \u201cwork becomes a choice for you and your RAs are in a such a place where if you lost your job today or tomorrow (which isn\u2019t too uncommon an occurrence in these turbulent times) that you would be fine\u201d.<\/p>\n<p>A consulting engineer and business owner, Kristof adds: \u201cI regularly talk to people about saving for retirement and there is always an excuse, there is always saying one day I will do it \u2026 when you start talking to them about their quality of life they feel like they are entitled to driving a new car every four years or so.<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/HXxaZCDUQgw\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p>\u201cI say to them do you really need to drive a new car, maybe you could drive a new car every 8 years, and with some of the money that you save you can save for retirement.\u201d<\/p>\n<p>It is not just his friends that he sees making the mistake of not preparing for retirement, he has seen a number of family members getting to retirement age and \u201cnot having anything or having provided for their old age\u201d. He hates to see \u201cthe unnecessary stress that brings into their lives\u201d.<\/p>\n<p>On the subject of avoiding unnecessary stress, Kristof says he really enjoys the ease of accessing information about his investments with 10X.<\/p>\n<p>\u201cIt takes me about 10 seconds to log in and I can check how my fund has performed and I can make changes easily. It\u2019s been quite easy working with 10X compared with the more traditional RA funds that I have worked with in the past.\u201d<\/p>\n<p>This convenience is an added bonus to the big fee saving Kristof made by moving his savings to 10X. He says that in these increasingly tough times people are being forced to consider the damage high fees are wreaking on their retirement savings.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.10x.co.za\/campaign\/fee-comparison?utm_source=business%20tech&amp;utm_medium=partnership&amp;utm_campaign=BizTech3Kristof&amp;utm_content=cost%20comparison\" target=\"_blank\" rel=\"noopener\">Ask for a free, no obligation cost comparison to see how much you could save by moving to 10X Investments<\/a><\/li>\n<\/ul>\n<p>\u2018\u201cI think the days of seeing massive double-digit growth are long gone. To invest your monies and still see a decent enough growth that you can retire comfortably one has to look at the huge impact of paying fees that are 2% lower.\u201d<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/hx22-hszYdA\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p><em>The views expressed in this interview are Kristof\u2019s own, based on his personal experience, and should not be construed as financial or tax advice.\u00a0<\/em><em>\u00a0<\/em><\/p>\n<p><strong>10X Investments is running a promotion for the month of June: Sign up for a retirement product and you won&#8217;t pay fees until next year. <a href=\"https:\/\/www.10x.co.za\/campaign\/TsandCs-June-2021-fee-free-promotion?utm_source=business%20tech&amp;utm_medium=partnership&amp;utm_campaign=BizTech3Kristof&amp;utm_content=fee%20free%20ts%26cs\" target=\"_blank\" rel=\"noopener\">Ts and Cs apply.<\/a> More info <a href=\"https:\/\/www.10x.co.za\/?utm_source=business%20tech&amp;utm_medium=partnership&amp;utm_campaign=BizTech3Kristof&amp;utm_content=homepage\" target=\"_blank\" rel=\"noopener\">www.10X.co.za\u00a0<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kristof du Plessis is amazed at the disconnect between what people dream and what they do, and the fact that so many people lack the one thing that has the potential to link the two: a plan!<\/p>\n","protected":false},"author":57,"featured_media":495873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[11953],"class_list":["post-495871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-10x-investments"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/495871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=495871"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/495871\/revisions"}],"predecessor-version":[{"id":495983,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/495871\/revisions\/495983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/495873"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=495871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=495871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=495871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}