Your Crucial Final 10 Years

Retirement: Determines Whether You'll Do It With Confidence or Confusion

- Hardi Swart

Most people think retirement planning is about what you do at 65. In truth, it's what you do in the decade before that determines whether you'll retire with confidence or confusion. Let's unpack this final critical stretch.

1. Your Highest-Earning Years
Your 50s and early 60s are typically your peak income years. Children are often financially independent, debt is reducing, and earnings are at their highest.
What to do now:
► Max out contributions to your retirement annuity (RA) or pension;
► Use your tax-free savings account (TFSA) allowance; and
► Channel bonuses or windfalls into retirement vehicles with tax-free growth.

2. You Can Still Fix Past Mistakes
Maybe you didn't save enough in your 30s or made poor investment choices in your 40s. The final decade is often the last realistic window to correct course.
This is the time to:
► Consolidate fragmented portfolios;
► Exit poor-performing investments; and
► Restructure for tax and liquidity.

3. Strategic Tax Planning