Some people mistakenly believe it’s not important – but don’t get caught short

I’M TOO YOUNG

Many people in their twenties think they’re too young to start saving for retirement. But in the long term, waiting a few years can make a big difference. If you start to put away R1 000 a month at the age of 25 and your savings earn 12 percent interest, you’ll have saved about R5,96 million for your retirement by age 55. But if you start five years later your savings at age 55 would be worth only R3,07 million, explains Tandisizwe Mahlutshana of PPS Investments.