Your Financial Forecast 55+With retirement looming, how do you approach this next chapter?
A number of significant changes occur in this period. Some of us retire formally and some continue working into their 70’s. We may be winding back and working part-time, helping kids get established, looking after ageing parents, paying for weddings or selling a business.
We may think it is too late to boost the retirement nest-egg, but in most cases we are wrong. With expert advice and assistance, there is so much that can be done to help you get the most out of life. 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.
- What should I know about my company’s employee benefits?
It is important to understand what your employers offer 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 should 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 to 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.
- My kids are moving overseas, how does this affect my planning?
More and more parents are finding themselves with children living in different countries. Apart from wanting to make provision to go and visit them, you also need to make sure that if something should happen to you, that they will be able to inherit in the most tax efficient way, depending on where they stay.