How time, consistency and simplicity grow retirement savings

I started my first job after graduating last year.

- Kenny Meiring

The company offers group risk cover, but no retirement fund. How much should I invest each month and what products should I use?If your company offers group risk benefits, you probably have some or all of the following: life cover, disability cover and income protection. These benefits are important, as they protect you if something goes wrong. But they do not help you retire.

A retirement fund’s job is to replace your income one day when you stop working. If your employer doesn’t provide one, the responsibility shifts entirely to you. That's not a problem - as long as you act early.

The good news is that starting early gives you an enormous advantage. The even better news is that you don’t need to earn a massive salary to get this right.

A good starting rule for someone in their first job is to aim to invest 15% to 20% of their gross monthly income. If this feels like too much right now, start with 10% and increase it every time you receive a salary increase or bonus.

Here's why it matters: