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Retirement is coming up for Gen-Xers as the oldest members of this generation are about to turn 58, just 7 years away from the traditional time to retire. Globally, a flurry of headlines has started to warn that this generation is miles off from where they must be when it comes to saving enough to retire comfortably.
If you are one of these X-ers, Farzana Botha, segment manager at Sanlam Risk and Savings, suggests assessing your situation to get a solid plan in place.
Recent Sanlam research reveals that South Africans older than 50 seem split into two opposing groups, with 25% of polled plus-50-year-olds saying they plan to stop working completely and 24% that they cannot afford to stop working and will keep going for as long as they can.
Income does not account for this, as 25% of those who claimed they cannot stop working were in the top income bracket.
“This could be because people are afraid to cap their lifestyle or simply have not saved enough. It shows that the retirement journey is highly personal and complex, with challenges for everyone. My suggestion for X-ers is to pause and take stock. Speak to a trusted financial adviser to get a holistic view of your situation and then create a roadmap to reach your goals.”
If you are on track with your retirement savings, Botha says now is the time to make some tough decisions. “Anxiety often brings apathy and inaction. Work with your adviser to move past this. The sooner you act, the better and more in control you will feel.”
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She suggests that you:
Botha says the wind-down years may call for some tough decisions that will pay dividends down the line. “Stay focused on what you want this chapter to embody. Then, work with your adviser to craft a reasonable path to make this happen.“
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