Is Retirement Guaranteed?

SHORT ANSWER: PROBABLY NOT - ESPECIALLY IF YOU KEEP DIPPING INTO YOUR SAVINGS

- Liesl Kleinsmith

Years ago, the concept of "retirement planning" was hardly a consideration for most working individuals. For our parents' generation, a retirement fund deduction was merely a standard line item on the pay slip, often going to a provident or pension fund with little follow-up or proactive management.

In fact, it wasn't uncommon for individuals to be unaware of their retirement fund name or investment growth. This lack of financial literacy and transparency contributed to the significant volume of unclaimed benefits that we now see in South Africa.

Fortunately, with modern media and technology, retirement fund communication and education have evolved substantially. However, just belonging to a retirement fund is not enough to ensure a secure financial future.

Here are several key strategies that can help you stay on course and achieve your retirement goals:

1. Connect with a financial advisor

Many of us may delay talking about finances, yet we often think about them, especially amid economic uncertainties.

Avoiding financial discussions doesn't alleviate concerns; it can have serious repercussions. Qualified financial advisors help you make well-informed decisions that fit your unique circumstances.

Some questions to consider asking your advisor include: