We’re already halfway through the year — and it’s the perfect time to reflect and check in on your retirement savings.
Many people wait until December or the end of the tax year to review their retirement contributions. But acting now gives your money more time to grow and takes the pressure off year-end financial decisions.
Check What You Planned — and What Actually Happened
Did you plan to increase your retirement contributions this year? Now’s the time to check that those changes took effect. Life gets busy, and it’s easy for even the best financial intentions to slip through the cracks.
Use Increases and Bonuses to Your Advantage
If you’ve received a salary increase, consider putting away a portion of that toward your retirement savings. Even a small increase can have a significant impact over time. The same applies to any bonuses — allocating a portion to your retirement fund is a smart way to grow your savings without affecting your monthly spending.
Review your Budget and Make Small Adjustments
Ask yourself if your current contribution is still affordable or whether you can increase it slightly. Thanks to compounding, even a slight increase today can significantly benefit your long-term retirement outcome.
Also, remember that contributions to retirement funds are tax-deductible — up to 27.5% of your taxable income (capped at R350,000 annually). That’s a valuable incentive to act now rather than later.
If you’d like to review or increase your retirement savings, get in touch with me or any other Certified Financial Planner at Ascor® Independent Wealth Managers for assistance.
Whether you’re starting out or nearing retirement, a mid-year check-in can help you stay on track and make the most of your money.
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