Plan financially for retirement

2019-04-17 06:02
Representatives of Jenwill Blue Star and Glacier, financial advisory services of Sanlam, are from the left, front: Jean van Biljon, Dinash Pillay, Rothea van Biljon and Sithu Ngcobo; back: Rocco Carr.Photos: Teboho Setena

Representatives of Jenwill Blue Star and Glacier, financial advisory services of Sanlam, are from the left, front: Jean van Biljon, Dinash Pillay, Rothea van Biljon and Sithu Ngcobo; back: Rocco Carr.Photos: Teboho Setena

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Proper financial planning and decision-making for retirement is of the utmost importance.

This was the advice more than 240 public servants received during an informative presentation co-hosted by Jenwil BlueStar and Glacier, financial advisory services, and Express.

The event took place at the Bon Hotel in Bloemfontein on Wednesday (10/04).

Quest speaker Dinash Pillay, of Glacier by Sanlam, focused on planning for retirement to fulfil unique needs. He delved into benefits and risks faced due to a member’s irrational decision-making when going on retirement or resigning.

Pillay strongly advised attendees to avoid making irrational decisions and to not be enticed by early retirement when not ready, or to resign under duress.

He emphasised that people needed to be aware of the reality that life did not end when they retired or resigned.

“It is important to look for a retirement plan. Consult financial advisors and decide at what age you would like to retire, to ensure that you have contributed enough to live a comfortable life, post-retirement,” said Pillay.

He strongly advised the attendees to not leave retirement planning until they came close to retiring.

“It is important to start planning your retirement as soon as you earn an income, to ensure you make sufficient contributions to allow your retirement savings to grow over time.”

Pillay said the biggest contributors to one’s poor state of financial health were inflation and the high costs of living, due to the ever-rising price of fuel and electricity.

“It is important to adjust by making the right decisions. When you are no longer earning a salary, it is important that your money is invested correctly to allow it to grow, provide a sustainable income and keep up with inflation,” he said.

For those wanting to resign and leave the Government Employees Pension Fund (GEPF), Pillay warned against risks such as high taxation and temptation to overspend and deplete capital.

He said it was important to consult financial advisors to ensure enough contributions are made to be able to meet personal needs.

Pillay strongly encourages people to consider diversity and invest at different legal financial institutions, such as Sanlam, which have a good track record.

NEXT ON NEWS24X

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

 
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.