PLAN FOR YOUR FUTURE
We are living for longer, which means that your retirement years could easily make up a third of your life.
For you, retirement may be a long way off, or maybe it’s just around the corner. Have you worked out how much money you will have when you retire? Will this be enough to maintain your standard of living and allow you to enjoy the things you have been looking forward to?
Fortunately, by making regular contributions to the Woolworths Group Retirement Fund, you have already laid the foundation for your retirement planning. Your retirement fund is an appropriate vehicle for building up wealth over your working lifetime to provide you and your family with an income once you have retired.
Remember, retirement age is now 63.
SAVE TODAY FOR FINANCIAL INDEPENDENCE TOMORROW
THE TWO-POT RETIREMENT SYSTEM
You must register on AF Connect
Click here to login or to register on AF Connect.
Register on AF connect to make withdrawals from your savings pot, track your claims, access your benefits statement, update your beneficiaries, and much more.
- This allows you to apply to withdraw money from your savings pot.
- Check your investment balances.
- Update your beneficiaries.
What happens to your contributions?
The power of compound interest
The most effective route to wealth creation is to set aside a portion of your money and invest it, so that it earns compound interest over many years. Compound interest is when you earn interest on your interest.
Over time, compound interest will seriously boost your saving efforts. The result over time has a snowball effect, where your money grows quicker and quicker the longer it is invested.
- Year 1 – your money earns interest.
Year 2 – you earn interest on your original money
PLUS you earn interest on the interest earned in year 1.Year 3 – you earn interest on your original money
PLUS you earn interest on the interest earned in year 1
PLUS you earn interest on the interest earned in year 2.
