5 practical steps to ensure you retire well

We have the right to live and retire with dignity, but unfortunately, come retirement dignity will not pay the bills. Yes, we will receive some sort of pension or grant but that is barely a living wage. Here are a few practical steps to ensure that your retirement is a pleasure and not something you regret – or may never even be able to take!...

1.???Take the first step now!?

The first step is to take the first step as early in life as possible. Retirement benefits work on the principle of offering you large returns because they are long-term investments which enjoy the benefit of compound interest.?

2.???Determine your situation?

As an employee, most companies, particularly larger ones, allocate a portion of your salary towards a group pension fund or Retirement Annuity (RA). As an Entrepreneur, you need to set up your own pension plan and as your Financial Advisor, I will usually include this in your portfolio.?

3.???Be sure you can’t draw!?

Don’t draw too early even if you can. Most pension funds do not allow this and this is why investing in a pension fund is better than just saving for retirement with something like unit trusts.?

4.???Increase your investment when possible?

Add a little more to the pot whenever you get some sort of windfall. Remember that you are going to need significantly more money to live on 20 years from now!

5.???Work with professionals!?

I can assist you by ensuring that you maximise whatever you save from your income and this includes a good retirement plan. We also ensure that your wealth is protected by having the right risk covers in place and structuring a flexible financial plan with growth potential.

I can’t prevent whatever life may throw at you but I can make sure that you are as prepared for it as you can possibly be - Take care of yourself!