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Are You Saving Enough Using Units Trusts And Retirement Policies

From unit trusts to savings accounts and endowment policies, South Africans have a myriad of savings vehicles to choose from and yet the harsh reality is that we do not save enough. According to the South African Savings Institute (SASI) ‘when compared to its peers, South Africa’s national savings rate is still dismal.’ SASI goes on to say that ‘the World Economic Forums 2011/12 Global Competitiveness Report ranks South Africa 72nd in the world for its gross national savings rate equivalent to 20% of GDP. This is well behind BRICS country peers like China, ranked 2nd with savings equal to 54% of GDP, India at 15th with 34.7%, and Russia at 44th with 24.7%.’ How do you know if you are saving enough? Grab a piece of paper, a quiet moment away from the family and consider a few what-if scenarios.