Plan now for your golden years
The two residents urged those who are retiring to do their homework.
Money can’t buy time. However, planning ahead can help you to thrive in your golden years.
That is the sentiment of Rosemary Zillen from the Ridgeview Retirement Village, who retired 30 ago.
The Boksburg Advertiser sat down with the 82-year-old to find out how she believes senior citizens are coping after retirement.
Zillen said some senior citizens struggle to make ends meet because, in many cases, the cost of living increases while the pension does not.
“Everybody’s situation is different, and options are available for those who want to retire. Some people can choose between a lump sum or an annuity,” she said.
The resident said that investments she made at a younger age are now helping her to cope financially.
Zillen further encouraged those who want to retire to do their homework.
“The key to success is to do research. You need to know what is your financial position. Ask for advice and be aware of the available options. You can land in trouble if you make the wrong decisions,” Zillen said.
She said her costliest expenses as a senior citizen are levies at the village and medical aid.
Meanwhile, another resident, Joey Kruger, said people should start investing from a young age.
“You need to put money away when you are still young. It will all add up by the time you retire. Your pension and SASSA grant won’t be enough to survive on. You might think you have 30 years left to plan, but it goes by in the blink of an eye. Also, be aware that 70 is also the new 40. You might live longer than you think and must be prepared for that. I made investments that help me greatly during retirement,” said Kruger, a retired financial manager.
“Furthermore, you must also take into consideration that you will need a good medical aid,” she said
Kruger advised people not to buy items on credit if they can’t afford them.
“It is what you make of it. It will be a good life if you can get into a retirement village.”
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