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Planning for retirement
The Citizen
|January 11, 2024
INSIGHT: SAFEGUARDING FINANCIAL FUTURE
Key steps and practical advice to help you navigate the process effectively.
Retirement is an exciting yet complex life transition. If you're planning to retire within the next 12 months, preparation is essential to ensure a smooth and secure shift into this new phase.
The process involves planning to comply with tax laws, maximise pension benefits and safeguard your financial future.
1. Assess your financial readiness
Take stock of your financial situation:
Retirement savings: Review value of your pension or provident funds, retirement annuities and any preservation funds.
Identify additional income streams, such as investments, rental properties, or part-time work opportunities.
Budgeting: Develop a retirement budget that accounts for your living expenses, health care costs and leisure activities.
2. Pension fund options
South African retirement fund rules allow you to access your savings, but it's essential to understand your options:
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