- Do you have an idea of how much money you need to be able to retire when you plan to do so?
- Do you have an updated plan on how to reach your goal?
- Do you annually revise your portfolio to keep up with changes in your life and the economy around you?
- Do you fully utilize your tax benefits?
- Do you understand the difference between retirement annuities, living annuities and life annuities?
- Do you fully understand how your pension fund work and what your scenario would look like upon retirement?
To retire financially independent, require proper planning and structured savings and investment efforts. Products such as a pension fund, provident fund and retirement annuity funds are some of the saving vehicles you should consider making provision for retirement. Other methods are to invest in property early in your life to provide a monthly rental income, share portfolio where dividends are paid, and interest received from bank deposits. Furthermore, it is important to have an emergency fund, separately from your normal savings account.