Take out or top up an RA
Even if you are saving for retirement through an employer-sponsored pension or provident fund, you are probably not saving enough to provide you in retirement with the income to which you may be accustomed.
Regardless of how old or young you are, make 2010 the year in which a suitably qualified financial adviser checks the status of your retirement savings and tells you how your savings will bear up in retirement. The sooner you do so, the less painful any potential remedies are likely to be.
In all likelihood you are not saving enough. In that case, consider taking out a retirement annuity (RA) or increasing your contributions to an existing one to the maximum amount you are allowed to claim as a tax deduction. Annually, you can deduct from your taxable income contributions made to an RA to a maximum of the higher of: R1 750; R3 500 less your current pension fund contributions; or
15 percent of your nonretirement-funding income (that is, the income on which your pension fund contributions are based).