Most people realise the importance of planning for retirement, but how many know exactly how to make their retirement plan work effectively for them? Whether it be a retirement annuity, living annuity, or investment policy – every financial product has different benefits and restrictions. The key is knowing which product, or combination of products, to […]
Being fit, healthy and free from ailments may give one a false sense of security when it comes to planning for the future. If you’re fortunate enough to enjoy good health as you enter retirement, longevity is a factor that will affect almost every aspect of your retirement planning. Being fit, healthy and free from […]
These days when I phone my mother just to check in, she always tells me that growing old isn’t easy. Between medical expenses and day-to-day living, their wallets pretty much stay empty. I know for a fact that my mother isn’t the only one who feels this way. Most people facing retirement soon, or who […]
Let’s start with a simple question: What does it mean to build wealth? The fantasy scenario may vary from person to person, but we all share the same minimum expectation: we want our savings to grow over time and outpace inflation. In recent years, many of us have only just managed to achieve this basic […]
When you find yourself in an uncomfortable or strange situation, they often say that you feel “like a fish out of water”. For an average of 40 to 45 years, you “swim with the school”, whether it is as part of a particular company, or a group of friends or your family. You will earn […]
That is the question The Money Show’s Bruce Whitfield asked Galileo Capital Financial Advisor Warren Ingram, regular guest of the weekly personal finance feature. Not having a tax efficient retirement strategy. Solution: You require a combination of retirement funds (and other funds, e.g. unit trusts and living annuities). Continue contributing to a retirement annuity and […]
Living annuities have some awesome advantages, but also some important risks, warns Liberty’s Henk Apello. When investing in a living annuity, you must almost plan as if you are going to live forever. Many South Africans worry about having enough money at retirement and, even if they have saved their entire working life, they may […]
Contrary to what you may believe, many people don’t retire with the lifestyle that they thought they would. This is because they often come up with a shortfall or gap in their pension savings. This could be due to a myriad of reasons, including: not saving enough, drawing on pensions before retirement, fees taking out […]
If we consider that only 6% of retirees are financially comfortable, 94% of retirees are either financially dependent on the State or on family members and a vast number of South Africans emigrate leaving their parents behind, then we are faced with the stark realisation that Financial Planning should be done for the elderly and […]
I’ve worked at Personal Finance for nine years, in two stints: my first was on my return to South Africa in 2001, after a couple of years working abroad. I landed a job at Personal Finance as a sub-editor and quickly realised that I was profoundly financially illiterate. I had just turned 30, and although […]