Retirement plan vs other investments at 30 y.o

[rachel2000]

Hey all, been lurking here for a bit and I'd appreciate any advice.

I've recently been going through some kind of life crisis as I enter my early thirties, and I'm scrambling to get my finances in order. I never opened a retirement annuity and I'm coming to regret not doing it early.

The problem is now I'm looking at the state of the country and I'm wondering if I should tie myself up in a long-term investment in SA.

I've been converted by this subreddit and currently investing the 3k/month into an EasyEquities TFSA (60% Sygnia S&P 500 - 40% Emperor TFSA Basket) - I'm not really an expert so I hope I'm not shooting myself in the foot here.

I've got another 17k per month that I can save/invest but I'm not sure where to go from here. I'm very skeptical of tying up my money long-term in SA at the moment.

Any advice is appreciated. Cheers!

 

[mm17162646]

@rachel2000 Well done on starting with that TFSA.

Do you have any debt other that a home loan?

 

[rachel2000]

@mm17162646 Just my car at the moment (~6k pm). I've just recently paid down my Christmas spending on my credit card so I'm pretty much debt free.

I've got quite a bit of disposable that I should have been saving/investing until now. But better now than never I suppose.

 

[ana808]

@rachel2000 There’s a lot to consider and I don’t think this platform is the best to get a full scope financial plan. You should consider talking to a financial planner. In most cases those with the CFP designation are well accredited to help and not ring you of fees.

 

[glynes]

@rachel2000 When considering different products, keep in mind that you will get a massive increase in your tax rebates if you contribute towards a Retirement Annuity. I sent you a PM to explain

 

[alfiano]

@rachel2000 Could you tell us a bit more about your situation:

Do you own a house? Planning on buying property?Any debt at or above 9%pa interest?What are the odds you emigrate in the next ten years? Twenty years?Anything in the future (planned or desired) that could change your financial situation - kids, marriage? How soon?

Do you have medical aid and the basics when it comes to insurance?Do you expect your salary to increase above inflation over the next twenty years? Significantly so or a small amount? When do you want to retire?

Can give you my 2c with the above information (you can keep it general so as to be unidentifying). Otherwise what I tell you will be hard to apply.