With life expectancy on the rise, one of the biggest questions to ask yourself is: Will your retirement savings last as long as you do? The key to financial security in your golden years starts with smart planning today. Here are six expert-backed tips to ensure your future is as comfortable and fulfilling as you envision.

1. Plan for Future You—Starting Now

It’s never too early to start saving for retirement. The choices you make in your 20s and 30s lay the foundation for the financial freedom you’ll enjoy later. By prioritising retirement savings early on, you give yourself a significant advantage, ensuring that future you can enjoy the same quality of life you do today.

2. Aim Higher with Contributions

Many young professionals contribute minimally to their pension funds, often below 10% of their income. While this may seem sufficient now, aiming for a higher percentage—especially if you can increase it annually—will help you build a strong financial cushion. The more you set aside today, the more options you’ll have later.

3. Strengthen Your Plan with a Retirement Annuity (RA)

Whether you already contribute to a company pension fund or not, a retirement annuity (RA) can be a valuable addition to your savings strategy. An RA allows you to invest in a diverse range of funds and tailor your portfolio to your risk appetite. The best part? Once you commit to an RA, you can let it grow over time, ensuring a steady income when you need it most.

4. Take Advantage of Higher Risk in Your Younger Years

When you’re in your 20s or 30s, you have the luxury of time—meaning you can take on more investment risk. Opting for a more growth-focused investment strategy can potentially yield higher returns, and since you have years ahead to recover from short-term market fluctuations, you’re in a strong position to build substantial wealth over time.

5. Set Clear Financial Goals

Understanding how much you need to retire comfortably can serve as a strong motivator. Setting clear savings goals and knowing what monthly income you can expect at retirement can help you stay on track. For example, let’s look at three different savers who each invest R1 000 per month into an RA and increase their contributions by 10% annually:

These figures highlight the power of early and consistent savings—starting sooner means you can secure a more comfortable lifestyle in retirement.

6. Seek Professional Guidance

A certified financial adviser can help you build a tailored plan based on your unique financial situation, goals, and risk tolerance. Their expertise ensures that your retirement strategy is comprehensive and aligned with your long-term vision.

Final Thoughts

Retirement planning isn’t just about setting aside money—it’s about ensuring you have the financial freedom to live life on your terms. Whether you’re just starting out or looking to strengthen your existing savings plan, an RA can be a powerful tool in your financial journey. Take control today, and your future self will thank you.

Disclaimer: The figures provided are for illustrative purposes only and should not be considered financial advice. Always consult a licensed financial adviser to create a retirement plan suited to your needs.