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Q&A: How do I save enough for retirement?

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Savings in a bank account need to be supplemented with equity investments

The definition of retirement is different for everyone. Picture: 123RF/ANDRIY POPOV

Most “retirees” continue to remain engaged and active after formal retirement age and generally only slow down when they choose to. Determining how long you plan to work for yourself, as you now are, is a key date in your financial planning and a financial planner can help you calculate how much money you are likely to need to fund your retirement.

Consider a second income to top up your earnings — something you can do or be involved in outside your current business commitments. Reflect on your interests and hobbies, teaching a critical skill or mentoring someone. Could you convert this into a source of income?

 

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