Secure Your Retirement

Secure Your Retirement
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Описание книги

Pensioners are facing a major fallout from South Africa’s downgrading to junk status and the plummeting of the rand as a result of government corruption. On top of this, the COVID-19 pandemic and the economic lockdown have hit retirement savings hard, and their effects will continue for a long time. Secure Your Retirement unpacks the challenges facing pensioners, and outlines what they can do to improve their situation. The book explains how to avoid the pitfalls that cause pensioners to run out of money. It provides guidance about selecting the right pension products and offers other solutions to guide pensioners to better financial outcomes. It gives advice for women, who are particularly at risk, and it deals with the rising costs of health care and the increasing threat of dementia. Written by award-winning author Bruce Cameron and leading financial planner Wouter Fourie, and based on research by the country’s largest pension fund administrator, Alexander Forbes, as well as life companies Just SA and Sanlam, this book is essential for anyone concerned about their financial future in this worrying time.

Оглавление

Брюс Кэмерон. Secure Your Retirement

Contents

Acknowledgements

1. How to Avoid Your Point of Ruin

WHAT PENSIONERS MUST DO

Solutions

THE PRE-COVID-19 PANDEMIC SITUATION

Longevity

Some good news

2. The Dichotomy of Choosing a Pension

RETIREMENT OBJECTIVES AND COSTS. 1. An adequate initial income

2. Inflation protected

3. Income lasts for life

4. Flexibility

5. Leave to an estate (beneficiaries)

6. Costs

3. A Helping Hand to Retirement Success

WAYS TO IMPROVE YOUR PENSION

Hybrid pensions

The guaranteed annuity choice

An enhanced (impaired) annuity

Transfers between annuities

DEFAULT BACKGROUND

Retirement benefit counselling

A NEW DRAFT FOR LIVING-ANNUITY STANDARDS

DRAFT STANDARDS ON SMOOTHED-BONUS ANNUITIES

TREATING CUSTOMERS FAIRLY

FOREIGN INVESTMENTS

4. Planning for the Years Ahead

PREPARING FOR THE FUTURE

Reasons to avoid retirement

How to improve your finances post-retirement

5. Savings

WHY PENSIONER INFLATION IS HIGH

A SIDECAR SAVINGS SCHEME

HOW TO IMPROVE YOUR EMERGENCY FUND

6. Retirement Is Tougher on Women

THE IMPROVING POSITION OF WOMEN

THE DIFFICULTIES FOR WOMEN IN RETIREMENT

How women can improve their retirement

7. The Killer: Medical Care in Retirement

FINANCIAL THREATS TO PENSIONERS

Contributions and claims

Inflation

8. Dementia

SCAMS

THE CATCH-22 OF DEMENTIA

SAFEGUARDING YOUR FINANCES

A living will

9. Preparing for Crises

Abbreviations

Bibliography

Index

About the authors

By the same authors

Отрывок из книги

Acknowledgements

1. How to Avoid Your Point of Ruin

.....

If you want to live free of the point of ruin, you need to reduce your odds of running out of money. Your target should be to hit the 10 percent chance of living to 90 rather than assuming you will be part of the 50 percent average. This means that males must look ahead to reaching age 90 and females to 100, resulting in a planning horizon of 35 to 40 years.

Assuming an initial investment return on the average of 50 percent, only females with a drawdown rate of 3.44 percent (at most) can expect to be virtually free of their point of ruin; and only males with a drawdown rate of 4.22 percent (at most) can be more or less sure of their income until death. Any higher initial drawdown will lead to ruin.

.....

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