RETHINK RETIREMENT

This article offers a roadmap to help you maximise your retirement savings and achieve financial security in your golden years. 

This article series aims to provide a holistic review of the five phases of the retirement journey and the financial considerations that accompany each one.

Discover how annuities work for retirement income planning in South Africa. We explore the benefits of guaranteed income for income planning.

In this guide, Just SA explains the essential features, benefits, risks, and potential drawbacks of living annuities – as well as how this kind of investment vehicle fits into the overall retirement landscape in South Africa.

If you are approaching retirement or are currently planning your income needs for retirement, it is important to be informed about the overall retirement landscape in South Africa.

Preparing financially for retirement can be daunting, but having an understanding of the common pitfalls associated with retirement income planning is a good place to start. 

Planning for retirement is crucial to ensure financial security and peace of mind during your golden years. 

One of the most effective retirement planning options, standing above the rest in terms of reliability, certainty, and stability, is a life annuity – a financial product that provides a guaranteed income for life. 

Let’s dive deeper!

A recent Retirement/Financial planning survey with the 60+ community confirms that one of the most important financial considerations in retirement is an income that lasts a lifetime. Wouldn’t that be nice.

But does it sound too good to be true? It isn’t!

Dr Gizelle Willows says: "The nice thing about a guaranteed annuity is that you just never need to worry. No matter what happens in the markets, no matter how long you live, you’ll never be without an income."

This short video aims to give you an easy-to-understand overview of life annuities, and how they work. Life annuities are becoming a more popular solution among South African retirees, especially for those who have just enough (or not enough) saved for retirement.

An annuity is a financial services product that provides a future regular income stream in exchange for an initial fixed contribution. Around the world, annuities are commonly used as a way to fund retirement.

Many financial service providers offer a host of life, living and hybrid annuity products. It may be difficult to know which annuity product gives you the best possible retirement income that is suited to your individual circumstances.

It is important to understand different life annuity options available when you retire so you can protect yourself from rising inflation and reduced purchasing power, and most importantly increase the propensity to cover your essential expenses throughout retirement.