RETIREMENT
felt reasonably comfortable that they had
enough retirement savings had consulted
with a financial planner. Of those who were
unsure that their retirement savings would
be sufficient, 75% hadn’t consulted with a
financial planner. Most of the retirees were
concerned that the cost of living was rising
but their income was not. The impact of
inflation, supporting one’s relatives and
minimal state support were all key concerns.
None of them wanted to be a financial
burden to their children and a few were
actually supporting their children and
grandchildren.
Those who had regrets usually lamented
spending too lavishly and not saving enough
when they were younger. Interestingly,
75% of the sample were aware they should
reinvest the lump sum they received on
retiring. Almost all were aware of the need
to continue planning and making smart
decisions to ensure they were financially
secure and could maintain their lifestyles.
Five top tips for making your money last
as long as you do:
1. Draw up a retirement budget in
collaboration with a financial adviser.
This should include selecting the right
investments to provide you with a
sustainable income throughout retirement
2. Consider taking on part-time work
or jumping into the ‘gig’ economy to
supplement your income
3. Diversify your investments and review
them regularly to make sure your returns
are on track – don’t leave anything to
chance
4. Review how you’re spending your income
regularly and get your financial adviser to
assist you with identifying and cutting out
unnecessary expenses
5. If a lump sum payout is part of your plan,
consider how you’ll reinvest this.
INGREDIENT
2
GOOD HEALTH
‘Health is worth more than wealth,
any day.’
Staying in good physical and mental health
is pivotal to enjoying retirement to the
fullest. Almost all the retirees cited health as
their primary concern. Gene Cohen, director
of George Washington University’s Center
of Aging and author of The Mature Mind:
The Positive Power Of The Aging Brain,
says exercising the brain will help it form
new connections necessary to ward off
dementia. Additionally, it’s important to eat
healthily and incorporate a daily exercise
regime, since the latter releases endorphins
– also known as ‘happy hormones’.
Top tips for staying in good health:
1. Make sure you’re financially prepared for
every eventuality. An unexpected health
crisis can throw off retirement savings,
so ensure you have medical aid, dread
disease and other cover in place
2. Think about the future and settle
somewhere with care facilities close by
3. Stay busy – draw up a daily schedule and
try to stick to it. An idle body and mind
can lead to depression and declining
fitness
4. Find a stimulating activity that you enjoy
such as learning to play an instrument or
reading
5. Avoid stress, which can damage your
immune system.
INGREDIENT
3
STAYING CONNECTED
‘I feel very good when I’m able to give
back.’
One of the best parts of following a
recipe is being able to share the result.