*This content is brought to you by Brenthurst Wealth
By Michelle Burger*
Planning for retirement and getting investment strategies in place requires careful thought. These five tips will set you up for success.
- Start planning and saving as early as possible.
At Brenthurst Wealth, we advise planning for your retirement at the earliest possible opportunity, even as early as your very first paycheck! With the compounding effect of investing over time, the more years you have to invest, the greater your retirement nest egg will be in the years to come.
- Take Matters into your own hands
Don’t leave your retirement up to your employer alone. Many people think that once they’ve landed that great job and are contributing to a pension fund that they are covered in terms of retirement planning, but most people would be shocked to find out it’s not nearly enough to sustain their desired lifestyles. You need to take the responsibility into your own hands, by either contributing to a Retirement Annuity or a discretionary investment to build up capital. Starting to invest in your 20s will make a huge impact on your retirement by the time you are in your late 50s and 60s.
- Hire a financial adviser
At some point in your working career, whether you are a salary-earner or a self-employed entrepreneur, hiring a personal financial planner will go a long way in effectively planning for your retirement. It is not as expensive or as prohibitive as you may think; having a financial adviser is certainly not just for the ultra-wealthy. A financial adviser can assist you with everything from helping you create a budget, drafting a will, risk and insurance planning, tax structuring and even health care.
- Include your significant other/spouse
As advisers, we are still surprised at how there is usually only one half of a couple that does all the planning and saving for retirement, while the other is completely in the dark. The sad reality is that one spouse is likely to pass away before the other, and if the remaining spouse is uninformed, it can be disastrous to their financial well-being, not to mention the mental and emotional trauma they would already have to deal with. One of the best things a couple can do for each other is to do all their financial planning together from the start, so both are adequately prepared for any event.
- Something to keep in mind: holistic planning
Many people are often so focused on retiring from employment after so many years of hard work, that they forget to plan a life to retire to. It is worth mentioning that the mental and emotional impact of retirement is often completely overlooked. In addition to making sure you and your spouse are financially comfortable to retire, also make sure you both have meaningful activities to keep you mentally stimulated as well as physically active.
* Michelle Burger is a financial advisor at Brenthurst Wealth George
MARIA is a CERTIFIED FINANCIAL PLANNER®️ professional, a member of the Financial Planning Institute of SA and is fully qualified to give advice on all investment matters.
Anelle joined Brenthurst Wealth as a Receptionist and Administrative Assistant to Brian Butchart in the Cape Town office in December 2023. She has a wealth of knowledge from working as a liaison between Financial Advisers and clients at TMA and Absa Investment Management Services (Aims) since 1998. She obtained her B. com degree from the University of Port Elizabeth in 1997.
René Heystek joined Brenthurst Wealth in November 2023, as receptionist and administrative assistant in the newly established George/Garden Route office.
Sanet was appointed in April 2020, joining our Cape Town team as an Executive Administration Assistant to Renee Eagar. She has been in the financial services industry since 1990. Her previous experience includes positions at Sanlam, BJM and ABSA. She spent her last 12 years working at Alexander Forbes Private Client Wealth as a Senior Wealth Management Assistant. She has received numerous accolades over the years which include but not limited to, Alexander Forbes Client Service Excellence – Silver award in 2014,2015 and 2017. Sanet has also obtained her Certificate in Wealth Management (NQF 5) in 2012 and achieved “Best Student of the Year” from Moonstone.
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