Life is short. Enjoy it while you have it.
ARE YOU retiring in the near future and concerned that you may not have enough capital to retire?
We often read that the majority of South Africans will not have enough money to retire. This means that they either have to keep on working, or they have to change their lifestyle dramatically and live more frugally than planned.
For many people, this may seem like a major setback. People who find themselves in this position often compound their situation through poor financial decisions after retirement. If you are in this position, what should you do? How does one make the best of a difficult situation? There is no magic cure.
It is important to remember that people who retire at 65, on average, still have approximately 20 years to live. This means that they have time to allow their capital to grow without taking unnecessary risks. It is equally important to know that there is no miracle cure, but you can recover your situation with some careful planning.
Sadly, retired people have been the main victims of financial disasters over the last few years in pyramid schemes. Those with longer memories will remember the Leaderguard and Masterbond debacles.
Retired people often have some investable capital, and they are in financial difficulty. This combination is a recipe for disaster, as people who are under financial stress tend to make very poor decisions. Remember that you have time to make your situation better, and that there are no magic financial products to solve all your problems.
Bu hikaye Personal Finance dergisinin September 2022 sayısından alınmıştır.
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Bu hikaye Personal Finance dergisinin September 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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