When you hear the word retirement, what comes to mind? Long days on the stoep with a cup of rooibos? Time to travel the country, finally tackle your DIY list, or just sleep in without guilt? Whatever your dream looks like, one thing is certain – the sooner you start planning, the better off you’ll be.

Whether you’re in your 30s, 40s, or even late 50s – it’s not too early or too late to start thinking about your future. Here’s how to take the stress out of retirement planning with a few practical tips.

Understand how much you’ll need
It’s hard to save for something if you don’t know how much it’ll cost. One thing is certain – you will need to adjust your lifestyle to fit your income. Now is a good time to visualise your lifestyle in your retired years. What would you like your lifestyle to look like in your 60s, 70s, 80s …? A long-term view is important in an era where there is a longer life-expectancy and your needs will change over time.

A good starting point is the “75% rule” – aim to have enough saved so you can live on 75% of your current monthly income.

Why less? Because by retirement you may have fewer expenses – bond paid off, independent children,  no more work commuting costs … and more time to potentially generate more income and take care of your wellbeing

Use local retirement calculators (many are free online) to get a rough estimate in Rands based on your lifestyle.

Make the most of your retirement savings options
If you’re formally employed, you may already be contributing to a pension or provident fund through your employer. That’s a great start – but don’t stop there.

  • Tax-free savings accounts (TFSA) are a great way to grow your money without paying tax on the interest or withdrawals.
  • Retirement annuities (RAs) allow you to save more and claim tax back each year, which helps reduce your tax bill now and boost your retirement later.
  • Unit trusts or endowments can help supplement your income in retirement – especially if you’re self-employed.

Speak to a certified financial adviser who understands local products and regulations.

Get rid of debt before you retire
Debt in retirement can put major pressure on your budget. Aim to settle credit cards, store accounts, loans and your bond before you stop working.

Paying off debt now frees up more money for saving – and reduces financial stress later on.

Diversify your income
Don’t rely on just one source of income. Apart from your retirement fund, consider:

  • A small side hustle that can continue into your retirement years.
  • Investing in property to rent out.
  • Dividend-paying shares or unit trusts.

A few small streams of income can add up to peace of mind.

Review your budget – and practise living on less
Start tracking your monthly expenses. What can you cut back on now that you won’t need later?

  • Two-car households may become one.
  • You might no longer need school fees, uniforms or lunchboxes.
  • Work wardrobes and travel costs will shrink.

Test drive your future budget by living on it for a month – it can be an eye-opener and a great motivator to save more.

Look at medical cover
Medical aid is one of the biggest costs in retirement – and it tends to increase each year.

  • If you’re on a medical aid now, try not to downgrade – gaps in cover or membership could hurt you later.
  • Consider adding gap cover to protect against large out-of-pocket expenses.
  • Budget for a medical emergency fund – just in case.

Talk about it
Retirement isn’t just about money. Talk to your partner or family about:

  • Where you’d like to live.
  • What kind of lifestyle you imagine/
  • What support or responsibilities you may need or want to offer (e.g. helping with grandkids, volunteering, etc.).

Having these conversations early makes sure your future goals are aligned and realistic.

Don’t panic if you’re starting late
Not everyone starts saving in their 20s – and if you haven’t begun to save yet, that’s okay. The key is to start now.

  • Focus on what you can control – your spending, your savings rate, your goals.
  • Avoid big lifestyle inflation (upgrading your car or house just because you got a raise).
  • Every little bit you save now makes a difference later.

Planning for retirement in South Africa doesn’t mean giving up all your fun now – it means building a future where you can enjoy freedom, choice and dignity.

Small steps now = big difference later. Start where you are, use what you have, and keep going.

Start your journey into retirement now. Call LifeAssist to speak to a financial coach or counsellor about how you can navigate the inevitable  lifestyle, health, and emotional changes and challenges.