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’?
News and Views
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. 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 also 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.
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.
Best of Both: Life and Living Annuities
Gareth Stokes chatted to Just SA CEO Deane Moore about a pension funding solution that allows clients to incorporate aspects of both life and living annuities into a blended annuity solution. This article was first published on FA NEWS.
The importance of a robust retirement plan
Now is a good time for retirees to secure a guaranteed income for life. According to retirement income specialist Just, if your retirement savings were invested in balanced funds through the market turmoil of 2020, it is currently possible to secure a guaranteed income for life that is more than 15% higher than it would have been had you invested on 1 January last year.
This article was adapted for MOONSTONE by Janine Geldenhuys.
Rebound for Retirement
If your retirement savings were invested in balanced funds through the market turmoil of 2020, there is some good news. You can currently secure a guaranteed income for life that is over 15% higher than it would have been had you invested on 1 January 2020 before the market crash; an income that targets growth in line with inflation.
Blended living annuities – a just choice for retirees
A surefire way to secure a stable income in retirement is through a life annuity. But the biggest detractors from a life annuity are often the perceived lack of flexibility, as well as the belief that leaving a capital legacy for beneficiaries is not possible.
Historically, the inability to adjust income from a life annuity has led to many retirees self-insuring against running out of money and is the reason why many South African retirees opt for a living annuity.