Risks in retirement are not new but may have been exacerbated with the COVID-19 pandemic and its effect on lifestyles. Yet there are some practical steps that you can take to best achieve health and wealth in retirement, regardless of market conditions.
Just Retirement Insights
COVID-19 has led to increased risk aversion among retirees
People are still concerned about the risk that they will live longer than they have anticipated and outlast their savings, says a MONEYWEB article featuring insights from Just SA CEO Deane Moore.
The article covers content shared at the recent 50plus-skills webinar on mental, physical and nutritional health for the 50+ community, proudly sponsored by Just SA. We also shared some results from our 2020 Just Retirement Insights, together with some practical steps to take to secure at least a portion of your retirement income.
Will COVID-19 vaccine reverse retirement fears?
An increased need for certainty in times of uncertainty is a retirement trend that gained momentum in the wake of the pandemic. Is it possible that retirees may revert to pre-pandemic attitudes towards retirement planning? We don’t think so, and here’s why.
Living with Diabetes: You can secure higher income in retirement
An enhanced life annuity offers retirees with diabetes (or any life-threatening illness or poor health) the opportunity to ensure they are getting the highest possible starting income in retirement. Based on latest figures – and other statistics relating to the health of the South African population – enhanced life annuities benefit at least 40% of retirees.
Stephen Cranston | Retirement day blues
"There have been some interesting recent surveys of people’s expectations of retirement," says Stephen Cranston in his latest FINANCIAL MAIL article. He covers findings from Just's 2020 Retirement Insights as well as 10X's Retirement Reality report. [Subscription required]
Risk aversion in retirees during uncertain times
MOONSTONE covers the key findings of Just SA’s latest tracking study. Retirement Insights 2020 reveal the knock in confidence suffered by South African retirees and pre-retirees as a result of COVID-19, which has altered their views on the best way to invest their retirement savings. This year the “lite” tracking study specifically assessed the impact of COVID-19 on retirement planning.
SA retirees don't want to gamble on their retirement savings
The key findings of our latest Retirement Insights were released in November 2020. The tracking study aims to better understand the South African retirement market and this year, specifically assessed the impact of COVID-19 and the regulated lockdown on retirement planning.
Bruce Cameron | Retirement Insights
Bruce Cameron unpacks the key findings from the latest Retirement Insights, a study targeting retirees and pre-retirees over 50 years old across a range of colour, gender, income groupings, working or retired, education levels, language and marital status. Just SA normally bring out its research every second year, but this year, because of the virus, that has brought out a “lite” edition, to assess the impact of COVID-19 on retirement planning. The article first appeared on FIN24. [Subscription required]
Flawed financial thinking revealed by Just retirement tracking study
Without an accurate understanding of your current financial situation and discussing your unique retirement needs, it is almost impossible to set realistic and achievable financial goals, let alone work towards them. The assistance of an independent adviser should not be restricted to high-income earners only and we strongly recommend that everyone approaching retirement compare product features and pricing of available retirement solutions with a trusted specialist, in order to make informed choices. This should also help to close the gap between the expectations and reality of retirement.
Should you expect to live to 100 and will your pension last that long?
Two critical retirement planning questions you need to make assumptions about are - how long will I live and how well will I live? We don't have the answers, but there is now more information on the possibilities and probabilities. We need to plan and save for how much income we will need in our later years when we stop working, but we don't know, with certainty, when we will die. So this critical financial planning still involves quite a bit of guesswork, but expert insights can help you avoid costly mistakes.
Five things you can do now to improve your money situation, and your life, in retirement
A guaranteed income for life and leaving an inheritance for loved ones are two of the most important motivators South Africans list when they reach their golden age. This is according to Just Retirement Insight – independent research commissioned by Just – in which South Africans between the ages of 55 and 85 years in the major metropolitan areas were interviewed. When it comes to income in retirement, 89% of survey respondents wanted a guaranteed income for life (up from 86% in Just’s 2015 survey).
Half of South African retirees plan to rely on their children if they run out of savings
Retirement income specialist Just has published a new survey focusing on the saving habits of South Africans, showing that a large number of people expect to rely on their children and grandchildren should they run out of retirement savings. The findings highlight the important role of careful planning to help make informed decisions around the effective use of limited resources.