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
There comes a time in everyone's life when one starts thinking more seriously about retirement.
Whether retirement is quickly approaching and you feel that you are falling behind on your savings, or you want to make sure your retirement savings strategy is on the right track, it's recommended that you get in touch with a financial advisor who can help you choose the most suitable saving and in... ››› more
If you're in your thirties, chances are that retirement planning is not one of your priorities. If that is the case, it's time to change your perspective a bit.
Why? Because it's never too early to start saving for retirement. Actually, the sooner you start, the better.
How do you get started?
First of all, it’s completely understandable if you’re still uncertain when it comes to your... ››› more
Have you asked yourself if you are ready to retire?
Retirement doesn't ask before it comes knocking at your door, so you must be prepared.
Determining whether you have enough money to retire comfortably is the first step. After that, if you still have to catch up on your retirement savings, it's time to take action.
When trying to determine how much you need to retire and how much you hav... ››› more
When you turn 60, retirement seems just around the corner. Although that may be true, it's never too late to prepare for retirement, not even in your 60s.
There are plenty of things to consider once you've reached 60, including how much money you still need to save.
The main question on everyone’s mind once they’ve turned 60 is: do I have enough saved up for retirement?
In order to ... ››› more
Planning for retirement can become quite frustrating at times, especially if you start saving late or can't afford to save enough each month.
However, you can always play catch up on your savings and you can make sure you don't make the following five mistakes that could ruin your retirement plan.
Retirement mistake #1: Withdrawing money from your retirement account
If you’re in despe... ››› more
When it comes to retirement planning, women should be extremely careful. Since they generally work for fewer years and earn less than men do, they need to plan ahead and budget their money even more carefully.
Women can prepare for retirement by doing the following.
Retirement planning tip #1: Understand your retirement needs
Before you start saving for retirement, you need to understand... ››› more
Disclaimer 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 on this website.
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 website.