Your Financial Forecast 45+Start thinking ahead, and keep a healthy balance.
In our late forties and early fifties we start to see the world differently. Other realities enter our lives such as providing financial assistance to aging relatives and helping the kids get established. It may also be that we realise we are past the halfway mark. Retirement appears on the horizon and we have to get ourselves into a favourable position to retire comfortably.
However, life is not slowing down and that special holiday you planned for yourself becomes more of a necessity. You need a partner who is objective and has the knowledge and experience to help you make the right decisions.
Some of the things you would want to know, and how Delfin can help:
- What happens if I suddenly can’t earn an income anymore? Who will take care of me financially?
One of your biggest assets is your ability to earn a living and it is essential that you protect yourself against major traumatic events that reduce this income earning potential. Various insurance options are available.
- Can my family sustain their current lifestyle if something should happen to me?
Death or permanent disability will severely impact on the financial well-being of your family. Why leave them in this unfortunate situation? Insurance against such permanent events is the obvious answer to save you and your family from financial ruin.
- How do I ensure that my children will have access to an education?
Giving your children the opportunity of proper education is the gift of self-sustainability. It substantially increases their chances of looking after themselves financially as adults one day. By starting an investment plan to afford their tertiary education is the right thing to do.
- What should I know about my company’s employee benefits?
It is important to understand what your employer offers you as part of your remuneration package, as this will enable you to make adjustments to your personal insurance and investment portfolios.
- Do I have the correct structures in place to execute my wishes at death?
Do I need a Will if I die? Do I need a Trust? Can I create a family trust in my Will? Who will be the executor of my estate so that my assets will be divided amongst my beneficiaries as I stipulated in the Will? How can I reduce estate duty taxation?
- How do I avoid and not evade tax?
Use the available investment vehicles that can reduce your income tax. Are you aware of all the deductions that are available to you?
- What is retirement all about?
How much do I need for retirement? When can I retire and how can I calculate my income needs versus provision? What income sources will I have? What will I do after retirement? How can I plan to have a business?
- How do I provide for healthcare costs post retirement?
Medical costs escalate above the rate of inflation. Build up a separate fund to pay for medical aid contributions or make sure your planned retirement income takes this into account.