Page 13 - TODAY Magazine Issue 1 2022 - Old Mutual

Start preparing your finances for that day when you will no longer earn a salary. Even if you feel that your investments are on track for retirement, you still have to make some changes to your budget.
In your 50s you will probably have fewer financial commitments such as children’s school fees or vehicle financing. If you still have a mortgage and debt, any debt whatsoever, use this ‘extra’ money to pay them off. Ideally, one should have absolutely no debt by retirement and a healthy cash flow. That way you’ll be able to maximise your pension or other income you receive without the worry of debt.
ISSUE ONE 2022 | 11
HOW MUCH DO YOU NEED FOR YOUR RETIREMENT?
Old Mutual’s free retirement calculator will help you to calculate how
much to save each month for your pension.
BEING SAVVY YOUR MONEY
GOALS
> Pay off your home loan.
> Create a plan to pay off all your other debt too.
SETTLING IN TO YOUR 50s
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