Fresh uncertainties created by the announcement of the Covid-19 Omicron variant could have people looking in earnest for certainty around their finances. And for those considering their retirement income options, there’s some good news. If your retirement savings were invested in a balanced fund through the market turmoil of 2020 until now, you could currently secure a lifetime income around 23% higher than if you purchased a lifetime income on the 1st of January 2020, before the market crash.
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Poor Health Could Secure You a Higher Retirement Income
November is Men’s Health Awareness Month. It is estimated that in South Africa, prostate cancer will surpass all other forms of cancer by 2023. But while a diagnosis of prostate cancer would be bad news for your health, it could be good news for your retirement income. In a case study from Just SA, a 79-year-old man qualified for an uplift of 21% above standard rates as a result of his medical history, which included prostate cancer.
Annuity innovation no oxymoron
There is a prevailing perception that annuity products are staid and limited. Yet the local annuity market has undergone considerable change in recent years to address the increased risks faced by retirees and to cater for their individual needs. While no annuity products score full marks on their ability to address every retirement risk and need effectively, by comparing them we can see how annuity innovation has yielded products that suit a range of circumstances and risk appetite.
Recreate your future, rethink retirement
Increased global longevity is giving us more years of active health and possibly a longer retirement. But within current economic and political constraints, how can South Africans approaching retirement make these extra years count for more than just ‘bought time’?
Retirement planning: Save money sensibly and it could save you
Not all young earners fully understand retirement solutions to make informed savings decisions for their future pension. It is common for more specific, short-term savings goals such as holidays, houses or hobbies to take priority over distant, less-defined objectives such as retirement planning. But faced with increasing longevity and a more active lifestyle during the golden years, this Savings Month Bonolo Mosoane says all South Africans should rather question if they can afford not to save for retirement.
Blended annuities – just right for your retirement income needs?
One way to better manage the higher risk of living annuities and the rigidity of guaranteed annuities is to use a blended annuity, a retirement income product that has the best of both in one.
This article first appeared on TAKE CHARGE OF YOUR MONEY
The changing role of beneficiaries
Think about shifting the conversation around the role of beneficiaries in retirement planning. Instead of focusing on leaving money to beneficiaries, rather propose involving those would-be beneficiaries in the decision-making stages of retirement planning. This should help mitigate any unforeseen changes in their role as a beneficiary to that of a provider.
This article was first published in MONEY MARKETING
Shaping the modern workplace - Just SA strikes a balance
After more than a year of lockdown and imposed remote working, a shift in employee and employer expectations has many South African businesses rethinking the traditional workplace.
Just SA embraced this change as part of our flexible and forward-thinking work culture. But going remote is not without its challenges. To fully evolve to a virtual working environment, there are operational practices that need to be reconciled or reset, while maintaining staff motivation and engagement.
Choosing an annuity for retirement – which one is ‘just right’?
Although Goldilocks was presumably quite a way from retirement age, her story does highlight that a one-size-fits-all solution in most circumstances is an exception. This is especially true when it comes to finding a retirement product. You should look for a solution (or a combination of solutions) that is ‘just right’ for your personal circumstances.
This article was first published on TAKE CHARGE OF YOUR MONEY
Longevity favours the rich, but poor also benefit in new generation life annuities
Those from poorer backgrounds tend to have a shorter lifespan than those who are wealthier. People have a right to purchase a life annuity at a price that fairly reflects their individual risk.
While life insurance policies use medical underwriting to charge those who are ill a higher premium, life annuities use underwriting as a fair way of ensuring you get the right income, for life.
Should You Consider Living In A Retirement Village?
How do you weigh up the pros and cons and make a balanced decision on whether a retirement village is the right move for you? The role and requirements of the 'retirement village' are constantly changing with many establishments modernising their facilities to support the needs of their residents. Do your homework, draw up a realistic budget and most importantly chat to your financial adviser so you're well informed to make the right decision for you and your family/support system.