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In your 60s: Don’t stop working if you don’t have to and if you are able to work for longer. Research is showing a steady increase in life expectancy. So, the longer you can delay starting to live off your retirement savings, the better. When you do retire, cash in the minimum that you need, so that your savings can continue to grow.
savings. Transfer them to a preservation fund or your new employer’s retirement fund. Lastly, if you receive any extra income – for example, an annual bonus from your employer – get into the habit of adding as much as you can to your retirement savings. Retirement planning on your own will not only be time-consuming and stressful; it is also highly unlikely that you will reach your goal. An accredited financial adviser has the expertise and tools to help you determine how much to save each month, where to invest your savings, achieving cost- and tax-efficiency, and guiding you through adverse times, ensuring an optimal retirement outcome.
Changing jobs: If you change jobs during your career, do your best to not cash in your retirement
Esterhuizen is provincial head at Nedbank Financial Planning.
In your 50s: Start thinking about your retirement and what your expenses may look like. Keep in mind that some expenses will decrease (such as the cost of commuting to work) while other expenses will increase (such as medical care).
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JUST AS LIFE IS EVER-CHANGING, YOUR RETIREMENT PLAN SHOULD ADJUST AS YOU AGE...
