5 QUESTIONS ABOUT RETIREMENT FUNDS

Do I save enough through my work? A maximum of 27,5 percent of retirement fund members’ salaries can be saved for retirement, but in 2016 the average contribution of employers and members were 15,92 percent in total.

Who should I ask for advice? Your standard of living during retirement depends on how you plan for it now – so get professional advice from a qualified adviser who can analyse your needs and devise a tailor-made plan for you.

Am I too old? You’re never too old to start saving; better now than never. Save as much as you can for your retirement. Scale down on spending and save money. If you’ve reached retirement age with your employer, look around for other work so you can keep earning for as long as you can.

What about tax? Remember, you’ll still have to pay tax after retirement. Ask an adviser how you can structure your finances in the most tax-efficient way.

How does divorce impact retirement savings? A person who’s not a member of a retirement fund is legally entitled to a portion of their spouse’s retirement money. The amount set in the divorce order is payable immediately.