Saving for retirement at 45?

Saving for retirement at 45?

More than 70 percent of South Africans, particularly in their 20s and 30s, cash in their retirement savings when they change jobs, severely hampering their ability to retire financially independent. Then in their forties they begin to think about the future and realise they’ve made a substantial error in judgment.
According to a reliable source, that while starting as early as possible is vital, it’s still possible to make provision for your retirement starting at 45. "It’s not only necessary, it’s imperative," she says. But you’ll have to save harder, work for longer and invest wisely so that what savings you do have achieve the best possible returns.
Ultimately your retirement income will be a factor of how early you started saving, how much you’ve saved, the investment returns you’ve enjoyed and the amount lost through not preserving your pension or provident fund savings when you changed jobs. When you reach 45 you can only influence two factors: how much you contribute and the investment choices you make. It’s too late to think about starting early and the retirement money you cashed in between jobs is long gone.
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