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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

What happens to your contributions?

Your options when leaving your employer

What can you do with your retirement savings that you have with your current employer?
  • You can preserve your retirement savings. Preserving is when you keep your retirement savings in the current fund or transfer them to a new fund.
  • You can cash out your retirement savings.

YOU SHOULD preserve
your retirement savings.
Don’t cash out!

Remember, the aim of your retirement savings is to provide you and your family with financial security when you retire. You must reduce the risk of not saving enough for your retirement.

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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.