retirement planning
When it comes to money, controlling your emotions is more than just resisting the need for instant gratification. Making good economic decisions is highly dependent on us being able to control our emotions, including the psychological and cognitive biases that
As your teenagers get older, you will need to start planning for large expenses such as vehicles, tertiary education, overseas school or study opportunities, exchange programmes and even weddings.
Legislation permits you to switch your living annuity to a life annuity, but not vice versa. This is because a life annuity is an insurance policy which is purchased with the capital in your investments, and therefore cannot be moved
As your adult children become financially independent and your net wealth grows, you may find that you can reduce your life cover to a certain extent.
Despite the fact that you may have nominated a beneficiary (or beneficiaries) to your retirement fund, it remains the function of the trustees to allocate and apportion these funds.
The risk of one’s annuity income not keeping pace with inflation is another major risk that retirees need to contemplate, especially as medical inflation continues to outstrip consumer inflation by around 4% year-on-year.
As opposed to an investment in property, life rights ownership is an investment in lifestyle, security and peace-of mind, but it is important to understand the legal and financial consequences of buying into such a scheme.
Because women generally live longer than men, there is a very real chance that women will find themselves living alone for a period in their retirement, and this needs to be accounted for in one’s retirement plan.
Think disability and our minds tend to think of the worst possible scenarios involving permanent injury and disfigurement. Rather than permanent disability, it is temporary disability or illness that we should in fact be more concerned with.
In trying economic times, channelling funds towards a long-term investment may require some budget manipulation – which is easier to undertake if you consider the ultimate goal of retirement on your own terms and in your own time.
