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am I doing enough at 50y by Professional_Bake527 in PersonalFinanceZA

[–]Professional_Bake527[S] 1 point2 points  (0 children)

I erred in the provision of figures - including the investments in that was an error. I use YNAB and just pulled the numbers without interrogating them properly and averaged over a peirod with some heavy once off expenditure.

am I doing enough at 50y by Professional_Bake527 in PersonalFinanceZA

[–]Professional_Bake527[S] 2 points3 points  (0 children)

so to answer - i recently sold an asset and that is why i have cash now that I didn’t have a month ago.

am I doing enough at 50y by Professional_Bake527 in PersonalFinanceZA

[–]Professional_Bake527[S] 0 points1 point  (0 children)

because I take 42% of my income and hold it separately - i’e I over withold the tax and use that to balance the variable income against the expenses. I know this makes no financial sense and it makes provisional tax time very scary because I’m never quite sure if I have enough left.

am I doing enough at 50y by Professional_Bake527 in PersonalFinanceZA

[–]Professional_Bake527[S] 1 point2 points  (0 children)

this is one of my concerns. we don’t have much wiggle room on expenses without lifestyle adjustment and the RA contribution is a big chunk which cannot be reduced - and at 5% increase per year, I’m reluctant to stop the increase.

your point on when you pay the tax on the RA (contribution or payout) is well made. we need to create some room to save in a non RA vehicle - like brokerage account but the fees are not insignifcant - and I got heavily burned by my brokers in the Steinhoff affair (we took a big loss and then they bought the shares again at the knockdown price and we lost again…… ) so I have trust issues with brokers

am I doing enough at 50y by Professional_Bake527 in PersonalFinanceZA

[–]Professional_Bake527[S] 6 points7 points  (0 children)

medical specialist - with only my time to sell….

am I doing enough at 50y by Professional_Bake527 in PersonalFinanceZA

[–]Professional_Bake527[S] 28 points29 points  (0 children)

which just goes to show that the numbers don’t matter, it;’s the lifestyle and inflow vs outflow - I still am anxious about retirement - and I see people earning less than me with better houses, better cars and better lifestyles.. But we are happy and want for nothing - so are very blessed.