The COO of PPS Investments provides insight regarding the best way to maximise retirement savings in South Africa.
Only 6% of South Africans retire with enough to maintain a comfortable lifestyle similar to their working life, says James Fraser, the chief operating officer at PPS Investments.In light of this, PPS Investment outlined four tips to bolster retirement savings, other than continuing to work after retirement age:Determining just how much is needed to cover expenses is tricky; however, doing so will assist in establishing a foolproof retirement plan that can be kept on track.
The COO noted that it is important to also keep in mind ad hoc expenses and a reasonable amount to set aside as an emergency fund.“Some people may have retirement savings spread across various retirement fund providers or have savings earmarked in product wrappers not specifically designed for retirement savings,” said Fraser.
He added that consolidating investments with one provider could also afford access to reduced ongoing administrative fees.Inflation globally remains at elevated levels. Conventional wisdom teaches us that we should seek out certain asset classes during periods of high inflation, said Fraser.
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