Who better to learn retirement lessons from than over-60s who have already retired and now have to live with the “should have, could have and would have” and the consequences of their financial decisions in their working years?
Running out of money during your retirement years is a prime concern for many retirees. Although people have reasons to be concerned with the increase in economic pressure and the cost of living, consumers can reduce the risk of running out of money in retirement with proper financial planning and sound money management tools.
The recent 2023 FNB Retirement Insights survey shows that responses from participants over the age of 60 revealed that only 21% of respondents in this age group are fully retired, while the majority are either still working full-time (38%), part-time (7%), or retired but still have a secondary source of income (33%).
“Most people simply cannot afford to retire or are forced to make major cutbacks to their lifestyle during their retirement. The fact is, even if you planned and saved carefully for your retirement years, you will still need to carefully manage your income, investments and expenses to sustain your reserves,” Samukelo Zwane, product head of FNB Wealth and Investments, says.
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The survey participants older than 60 shared these valuable lessons on retirement planning:
“Although retirees may not have a steady income like they did before retirement, it is still possible to save money so that they have more to spend on what is important to them, either by managing or reducing their expenses and leveraging some of their banking benefits,” Zwane says.
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