Donât underestimate your benefits as an employee
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As this month is is Workersâ month, letâs look at what you may be receiving from your company in the way of employee benefits, which may be more substantial than you realise, and must be taken into account for financial planning purposes.
Your employer may be subsidising your medical scheme contributions and your contributions to a retirement fund (pension or provident fund).
If you are a member of an occupational retirement fund, a small part of your contribution will go towards group risk cover: this is insurance that covers you for death or permanent disability and, in some cases, dread diseases, such as cancer and stroke.
Covid-19 magnifies retirement savings crisis
By Georgina Crouth
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South Africans are facing a long-term retirement crisis, which has been magnified by the pandemic â and women are most vulnerable.
This is the scary message to emerge from the third annual Retirement Reality Report by investment firm 10X, released in October last year. The report is based on a Brand Atlas survey of the lifestyles of 15.1 million South Africans with an income of over R8 000 a month. The findings are corroborated by National Treasury figures.
10X said a key issue that cropped up âtime and againâ in the reports was that people felt they could not afford to save for retirement, but they âreally cannot afford not to save for retirementâ.
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Your checklist a year before retirement
Even if you are looking forward to the end of your working life, the idea of retirement can be daunting.
By Asavela Gwele
10 Apr 2021 00:11
Image: Shutterstock
There is often an instinctive fear of moving into a stage of life where you may end up consuming your capital, as well as anxieties about a diminishing lifestyle. Like most challenges in life, preparation is key.
Here is a pre-retirement checklist to help ensure you’re on track:
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One year before retirement: here is your important checklist
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Even if you are looking forward to the end of your working life, the idea of retirement can be daunting. There is often an instinctive fear of moving into a stage of life where you may end up consuming your capital, as well as anxieties about a diminishing lifestyle. Like most challenges in life, preparation is key, says Asavela Gwele, client relationship associate at 10X Investments.
Here, she outlines a pre-retirement checklist that will help you make sure you’re on track.
Refine your budget
Your financial situation will most likely change during retirement so it’s important to have a clear and defined budget. Before retirement, it was up to you to build a savings pot to fund the lifestyle you wanted in retirement. Once you retire, you will need to deal with what you have and adjust your lifestyle to what you can afford.
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