Many retirees see retirement as a transitioning from the working grind, to days of leisure and relaxation.
However, there is another shift at play which is ending the days of earning an income and beginning the days of measured spending, says Himal Parbhoo, FNB chief executive of cash investments.
“When entering retirement, you are shifting to measured spending and retirees need to have a clear game plan in mind on how they will manage their money and stretch it till the end.
“Even though many have planned and saved for years, entering retirement is not a time to set autopilot on your finances, but a time to understand your finances and develop a personal relationship with your money.”
The story of retirement has changed drastically, and the rules are vastly different from years back.
“The path to retirement now includes a mixture of saving strategies consisting of steady pension contribution from your employer, retirement annuities, tax-free…