How a retirement savings plan can help future you keep living your best life

Seven smart tips to build your retirement savings plan: start early, boost contributions, add a retirement annuity, preserve funds and get expert advice. Waldette Stoffberg, Business Development Manager at Glacier by Sanlam, shares seven practical tips to help you start building the retirement you want, no matter where you are in your career. Tip 1: Do something today that your future self will thank you for Retirement may feel a lifetime away when you're starting your career, but the earlier you begin saving, the easier it becomes. Even small contributions in your 20s can make a big difference over time. If you're contributing to a workplace pension fund, check how much you're saving. As a general rule, contributions below 10% of your salary may not be enough to help you reach your retirement goals. If your employer allows you to increase your contribution each year, consider doing so. A small increase now can have a significant impact later. Think about the lifestyle and experiences you enjoy today. Chances are you'll want to enjoy many of those things in retirement too. The sooner you start planning for that future, the better. A retirement annuity can be a valuable addition to your retirement strategy, whether you already belong to a pension fund or not. An RA gives you access to a range of investment options that can be tailored to your goals and comfort with risk. Once you've set it up and committed to regular contributions, time and consistency can do much of the hard work for you. When retirement is still many years away, you have time on your side. This means you may be able to take on slightly more investment risk in pursuit of higher long-term growth. Markets will have ups and downs, but younger investors often have more time to recover from short-term setbacks and benefit from long-term growth. It's really simple. or top up your retirement annuity with an extra contribution every year to take advantage of tax benefits.your savings. This means that when you change jobs, you preserve what's in your pension fund in a preservation fund that will continue to work for you. Preservation also means that you treat your retirement savings as money that isn't yours until the day you retire. The three-part principle is the perfect strategy to ensure that you will be able to enjoy your life for as long as you are alive. It's easier to stay motivated when you know what you're working towards. Having a clear idea of the income you'll need in retirement can help you make better decisions today. It can also show the value of starting early. For example, someone who starts saving at 25 may build significantly more retirement capital than someone who waits until 35 or 45, even if they contribute the same amount every month. Tip 7: Get expert guidanceA qualified financial adviser can help you create a plan that's tailored to your circumstances, goals and retirement dreams. They will determine your tolerance for risk and customise your financial and investment plan that is as unique as you are. They can also help you stay on track as your life and priorities change over time. The figures shown are for illustrative purposes only and do not constitute financial advice. Speak to an authorised financial adviser to develop a financial plan that is appropriate for your personal circumstances, needs and goals. Glacier Financial Solutions Ltd , a licensed financial services provider authorised to act as an administrative FSP. Sanlam Life Insurance Ltd is a licensed life insurer, financial services provider and registered credit provider .