Is retirement knocking at your door? If you have only a few years or months to go until retirement, you should take care of certain issues first.
Here are five things you should do before you retire.
1. Determine how much money you will need each month
You may a rough idea of how much money you spend each month, but it’s time to get a more accurate view of your expenses. Determine a re... ››› more
Are you starting the countdown to retirement? Then you've got some serious planning to attend to.
Planning for retirement is an important part adult life. Before you enter the golden age, make sure you consider the following pre-retirement issues.
1. Pay off your debts
Going into retirement with credit card debt, car loans, or mortgages can seriously affect your budget. Make it a priori... ››› more
Are you knowingly neglecting saving for retirement? Do you often feel guilty about it, but your behavior remains the same?
If you find yourself with almost no retirement savings whatsoever and feel that time is not on your side, then it's time to analyze your behavior and stop the excuses that are keeping you from saving.
How do you justify your lack of effort? You may find that the followin... ››› more
You've made it well into your 50s and you're generally satisfied with your life, except for one small part: your retirement savings are almost insignificant.
What can you do to quickly catch up on your savings and make up for the lost time? Although you may have to stretch your limits, you can still manage to save enough.
Here is how.
Selling your home and moving to a small... ››› more
Retirement is a process that requires adequate planning. For many, retirement planning is not a priority, especially not in their younger years. But failure to plan ahead and, more importantly, save enough for retirement can cost you dearly.
Soon-to-be retirees cannot afford to make any mistakes when it comes to planning for their future since time is not on their side.
To avoid feeling overw... ››› more
You know what they say: the sooner you start saving for retirement, the better off you will be in your golden years.
What happens when you feel like you are running out of time when it comes to saving for retirement?
When time is not on your side, you have to take immediate action.
You may need to rethink your entire retirement planning. For instance, if you had planned on retiring at ag... ››› more
When you reach retirement, saving is not a priority anymore. After all, that's what you've been doing until now, right? Why should you be required to save more?
By the time you retire, you should have a clear picture of your spending habits and how much you can afford to save each month. This will help you establish a budget and spend less during retirement.
What happens if you can’t live c... ››› more
How do you know if you're saving enough for retirement? That's a tough question to answer. Because no one can tell you how much you need to save - it largerly depends on your lifestyle, current income, and on your future plans for retirement.
One thing is for sure: most people postpone saving for retirement, thinking they will have plenty of time to save later, and instead focus on living well ... ››› more
Retirement means different things to different people. Some people can't wait for retirement, seeing it as a period of intense relaxation and enjoyment, while others dread the thought of it because they don't know how they're going to manage to save enough money.
Although we all have different views on retirement, this period can be one of the most beautiful periods of our lives, if we plan ahe... ››› more
We can discuss retirement planning for hours, yet we still fail when it comes to taking action. The problem isn't that we don't know how to plan for retirement - but that we don't take the required action.
In tough economic times, retirement planning can become even more of a challenge. You need to be even more vigilant and come up with a solid strategy in order to increase your retirement savi... ››› more
I recently sat down with a family friend, W, that's nearing retirement. He has 12 years to go.
W will pay off his house by the end of this year.
Both his and his wife's cars are paid off.
But W doesn't have ANY provision made for retirement.
As we sat and discussed his options I realised W had to ask himself ONE question before we could continue - and this question would turn out to a R1... ››› more
Are you considering consolidating your retirement accounts but don't know why you should do it?
You can consolidate retirement accounts and transfer the money from several accounts into a single account in order to save time, energy, and stay organized and on top of your finances.
Here are a few reasons why you should consolidate your retirement accounts.
You pay less in fees
It’... ››› more
Retirement planning is a process that should be started as early as possible. Hiring or consulting a financial planner is often a good idea, because a professional can help you avoid certain costly mistakes.
Since you have decades to plan for retirement, you have enough time to prevent certain mistakes that may cost you dearly down the road.
Here are some of the most common retirement mistak... ››› more
When you've only got a few years to go until retirement, every rand counts. Your main priority should be to increase those retirement savings.
What is unfortunate is that most retirees run out of money ahead of time, especially if they keep their preretirement lifestyles.
The best way to survive retirement without running out of money is learning how to stretch out your savings and how to m... ››› more
Are you considering relocating after you retire? Many soon-to-be retirees consider this option, either because they want to live on less, either because they want to change the scenery.
Before you make such an important decision, however, you must carefully assess all the pros and cons of relocating. Maybe you haven't taken all aspects into consideration, so it's time you should.
Here are fiv... ››› more
Disclaimer Note that FSP Invest, a division of Fleet Street Publications (Pty) Ltd, is a research house and not a registered broker, financial advisor or financial service provider. Our editors and customer services teams also do not give personal investment advice. The advice in this website is general advice only and may not be appropriate to your particular investment objectives, financial situation or particular needs, so before investing or if in any doubt about your personal situation, you should seek professional advice from a stockbroker or independent financial adviser authorised by the Financial Services Board.
We research our recommendations and articles thoroughly, but disclaim all liability for any inaccuracies or omissions found in this publication.
Remember: Never invest more than you can afford to spare and that the value of any investment, and the income derived from it, can go down as well as up. The past is not necessarily a guide to future performance.
Editors or contributors may have an interest in investments commented on in this newsletter. However they have signed restraints to prevent the abuse of their position as contributors to this publication.