When should I start saving for my retirement?
Updated: Apr 13, 2018
Retirement seems a long way off! Is it necessary for me to start saving right now?
Ask yourself 2 simple questions:
1. What kind of lifestyle do you see yourself living at retirement?
2. Will the national social security benefits or your employer pension benefits suffice as retirement income to support the retirement lifestyle you envisaged?
Now imagine reaching your retirement age without having saved sufficiently and ending up on a state pension of MUR 5,450 per month. From that amount, will you be able to pay for your daily expenses, household expenses and sustain the lifestyle you envisioned?
Expect to live longer!
The current life expectancy for a man is 71 years old and for a woman 78 years old.
This means you will need to make provision for an additional 20 -25 years if you are planning to retire at the age of 65.
The perfect time to start saving for your retirement is when you are young. In this way, you have more time to save and grow your money for your retirement.
The second best time is now!
Start saving now with an NIC Personal Pension Plan and cash in over the long haul!