WHAT IS INTERNATIONAL PRIVATE MEDICAL INSURANCE?

Wherever your employees are based and however much they travel throughout the world, it’s important to know that they will always be well looked after. After all, when it comes to the health of your business you can’t take any chances. That’s why the right International Private Medical Insurance is key for companies with staff working outside our borders and why it should be a serious consideration for you...

Why women need a bigger nest egg than men

  If you plan to retire as a couple, does your financial strategy take into consideration that women tend to outlive men by five to 10 years? While actuaries tell us so, if you prefer seeing real life proof a visit to an old age home should quickly convince you. According to the actuaries this means that a woman will need a much bigger nest egg than her male life partner if both want to retire together and maintain the same financial lifestyle in their golden years. Niel Fourie, Public Policy Actuary at the Actuarial Society of South Africa, says if a husband and wife retire at the same time with a comparable amount of retirement capital and similar income needs, the woman runs the risk of outliving her money, while her husband may just have enough. This means that as a woman you will need to accumulate more retirement capital than your partner during your working years in order to secure the same level of retirement income for the rest of your life.   How much more? A rule of thumb says that the average person should be contributing at least 15% of before-tax earnings towards retirement savings. Fourie says while this may be true for men, woman should be investing closer to 20% of their pre-tax income to secure enough retirement funding capital. Say each of you earn R20 000 before tax a month. Your man would need to put away R3 000 towards his retirement savings every month, but you would have to invest closer to R4 000 every month to have the same amount of...