- Your income needs
- Retirement checklist
- Choosing your solution
Planning your retirement years
Your working days are behind you and your savings must provide an income that not only maintains your lifestyle (considering inflation) but also caters to expenses that may be more common in your retirement years (for example, medical costs). How much you draw as an income from your savings is dependent on your financial needs.
Important questions to consider
- Retirement checklist
What are my retirement needs?
Consider if you will require a cash lump sum to settle debt or if can you utilise the full savings fund to purchase an annuity.
Do you have enough saved?
You will need to ascertain if your savings plan is sufficient to meet your cash and annuity needs.
How do I plan for the next few decades?
Determining if you would like to leave a financial legacy to your loved ones is an important consideration when setting up your plan, as well as the impact on your monthly income required from the annuity.
Developing a plan that works for you
- Annuities
Living annuity
Guaranteed income (pre-determined period)
Capital portion can be inherited
Flexibility of income adjustments
Choice of underlying investment funds
Market fluctuations impact income
Conversion to alternate product
Life annuity
Guaranteed income (pre-determined period)
Capital portion can be inherited
Flexibility of income adjustments (only at inception)
Choice of underlying investment funds
Market fluctuations impact income
Conversion to alternate product
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