Old Mutual Savings and Investment Monitor<\/a><\/strong> (OMSIM) 2024 findings.\u00a0<\/p>\n\n\n\nThe report reveals that 41% of working South Africans are caught between supporting both parents and children, a figure only slightly lower than the 43% reported in 2023.<\/p>\n\n\n\n
Taking Control of the Future<\/h2>\n\n\n\n
Balancing support for two generations has made it challenging for Otis to prioritise his long-term financial goals. <\/p>\n\n\n\n
However, he recognised that retirement planning is important, not just for his future but for his children\u2019s well-being too.<\/p>\n\n\n\n
“I knew I had to change something,” Otis says. “I want to enjoy my retirement without relying on my children for financial support.”<\/p>\n\n\n\n
The OMSIM 2024 findings reveal that many young families underestimate their retirement needs and although they know it is important to save, they delay starting.<\/p>\n\n\n\n
Building Wealth for the Future<\/h2>\n\n\n\n
Otis decided to break this cycle by taking smaller steps towards a secure retirement and reached out to a financial adviser to help him start to plan.<\/p>\n\n\n\n
His adviser assisted him in creating a budget that allowed him to maintain his current lifestyle, manage his expenses and set savings and protect goals for his future. <\/p>\n\n\n\n
Using the easy Old Mutual Retirement Calculator, Otis got an idea of how much he needed to save to achieve his goals. <\/p>\n\n\n\n
\u201cIt was eye-opening to see the numbers,\u201d he says. \u201cStarting early really makes all the difference.\u201d<\/p>\n\n\n\n
His adviser recommended the Old Mutual Max Investments Optimal Retirement Plan, which suited with his financial goals and offered a way to save within his current budget while benefiting from long term growth.<\/p>\n\n\n\n
\u201cThe flexibility of the plan was what sold me,\u201d Otis explains. \u201cI can start small and increase my contributions as my income grows.\u201d<\/p>\n\n\n\n
The Power of Starting Early<\/h2>\n\n\n\n
By starting his retirement savings in his thirties, Otis is maximising the benefits of compound interest. <\/p>\n\n\n\n
Lizl Budhram, Head of Advice at Old Mutual Personal Finance, says, \u201cWith the right advice, even small contributions can help secure a family’s future and ease financial strain in retirement. The earlier he starts, the longer his money has to grow, making saving for retirement potentially more comfortable.\u201d<\/p>\n\n\n\n
Guidance from a Financial Adviser<\/h2>\n\n\n\n
Otis\u2019s proactive approach was guided by the support of his financial adviser. <\/p>\n\n\n\n
Advisers can help young families assess their financial situations and create plans tailored to their unique lifestyles and goals, \u201cIt\u2019s not just about having a plan,” Budhram adds, “it\u2019s about having the right plan for your life.\u201d<\/p>\n\n\n\n
Take the First Step<\/h2>\n\n\n\n
Otis\u2019s story shows it\u2019s never too early to start planning and break free from relying on your children financially during your retirement.<\/p>\n\n\n\n
Speak to your financial adviser today or visit oldmutual.co.za\/retirement to learn more.<\/p>\n\n\n\n
Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer. Ts & Cs apply.<\/p>\n\n\n\n
For more information about Old Mutual, click here.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Otis Mokoena, a 35-year-old architect, juggles responsibilities as a father of two young children while financially supporting his ageing parents.\u00a0<\/p>\n","protected":false},"author":57,"featured_media":801196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[1110,21075,4646],"class_list":["post-801184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-old-mutual","tag-omsim","tag-retirement"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/801184","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=801184"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/801184\/revisions"}],"predecessor-version":[{"id":801206,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/801184\/revisions\/801206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/801196"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=801184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=801184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=801184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}