Page 15 - TODAY Magazine Issue 1 2022 - Old Mutual

5 QUESTIONS TO ASK YOURSELF
BEFORE YOU RETIRE
Money is usually our main consideration when it comes to retirement, and so it should be. Also answering these five questions ahead
of time will further help to make the change easier.
Do you know what you’re going to do?
• What’s your idea of the ideal retirement?
• If it involves expensive activities, have you saved enough?
• Even if it’s a simple life, have you planned for it?
• Remember, if you retire before 65, you will have to wait until
you’re 65 to get the older persons’ tax rebate from SARS.
Are you in good health?
• Can you continue to live independently or will you need care?
• What exactly does your medical aid cover?
• Will you be able to afford the monthly premiums on your retirement income?
• Will you need financial support from your family if you fall ill?
Where will you live?
• Do you own your house and is it paid off?
• Do you have others living with you and for how long will they need a place to stay?
• Will a smaller place be easier to manage and cheaper to maintain?
• Do you want to be closer to your family?
Are you and your partner on the
same page?
• Have you agreed on
what you both want out
of retirement?
• Is there enough money
to support both of your wishes, or will you have to compromise?
• Do you have children or parents who depend on you financially?
Do you really want to
stop working?
• Will you become bored? Or do
you need to continue earning
an income?
• Could you work a few days a week at your
employer or perhaps help to train others?
• What other ways are there to earn an
income, such as starting a small business?
• Even if you don’t need the extra money, how
will you keep busy?
This information serves as a guideline only. Consult a financial adviser for advice tailored to your specific needs.
IF YOU’D LIKE TO SPEAK TO A FINANCIAL ADVISER
CALL 0860 60 60 60 EMAIL todayomc@oldmutual.com VISIT Old Mutual Personal Finance online
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