Hey fellow Carbonites. I hope someone with finance investment knowledge can provide me with some insight. Google is being useless; it's like no one has a retirement fund.
My parents retired recently and gathered up a retirement fund over the years. The funds were invested at one of the big investment companies of South Africa. They opted to invest the entire amount and live off the interest. They can not touch the invested amount and it will only be made available once they pass away. I took a look at how much interest they're earning per month and was shocked at the low amount. It's about 40% less than I'd expected. My dad just accepts the amount and won't query or fight with them to get clear answers.
So here I am to try and understand whether the interest they're earning is accurate or whether they're being fucked over. Lets say as an example they have R1 million invested, how much can they expect to earn in interest each month?
Thanks!
My parents retired recently and gathered up a retirement fund over the years. The funds were invested at one of the big investment companies of South Africa. They opted to invest the entire amount and live off the interest. They can not touch the invested amount and it will only be made available once they pass away. I took a look at how much interest they're earning per month and was shocked at the low amount. It's about 40% less than I'd expected. My dad just accepts the amount and won't query or fight with them to get clear answers.
So here I am to try and understand whether the interest they're earning is accurate or whether they're being fucked over. Lets say as an example they have R1 million invested, how much can they expect to earn in interest each month?
Thanks!