6: Retirement Reimagined Episode 6: What stops us from planning for retirement?
In the latest episode of the Retirement Reimagined series, we aim to understand why so many people are not saving for retirement. The results from the FNB Retirement Survey suggest that it is not just financial constraints.
Host Maya Fisher-French is joined by Bheki Mkhize, CEO of FNB Wealth and Investments, and Renzi Thirumalai, Chief Investment Officer of FNB Wealth and Investments, to unpack the survey findings, which include the immense financial pressure many individuals experience. High costs of living, such as escalating grocery bills and rising transport costs, are squeezing disposable income to the point where saving for retirement feels impossible.
But there are also the psychological aspects of retirement planning. Humans are inherently wired to seek immediate gratification, making it challenging to prioritise long-term goals like retirement. Many face the dilemma of balancing enjoying today and saving for tomorrow. The discussion unveils how this mindset can lead to procrastination, with individuals believing they have ample time to prepare for retirement only to find themselves caught off guard as they approach their golden years.
Another significant barrier to effective retirement planning is the lack of financial literacy and knowledge about available products. Many participants in the survey reported feeling lost when it comes to understanding their options and where to turn for trustworthy advice. This gap in knowledge can lead to poor decision-making, such as cashing in retirement funds prematurely or opting for low-return savings options out of fear of market fluctuations.
The discussion highlights ways people can start investing for retirement, including automating their savings with regular increases in contributions to keep pace with inflation and rising living costs.
Whether it's seeking guidance from financial advisors, understanding the intricacies of investment products, or simply starting to save, the message is clear: the sooner you start, the better prepared you'll be for retirement.
For more information on the retirement survey, click this link.
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S2 Ep6: Money Bootcamp: The real cost of disability and how to plan for it
In the latest Money Bootcamp episode, Maya Fisher-French and Mapalo Makhu are joined by a special guest, Nonhlanhla Bakasa, founder of AdoWord Multimedia, to discuss the reality of living with a disability. Nonhlanhla has been a "wheelchair rider" since the age of 12 when she suffered a spinal injury in a car accident.
Nonhlanhla provides an honest and frank insight into the challenges she faces every day, not only with the physical reality of her disability but also the financial battle. Her story highlights how inadequate the system is for those living with a disability.
Stian de Witt, certified financial planner and executive head of Energy Financial Planning at NMG Benefits, also joins the conversation and shares his experience of clients who became disabled, and the costs involved. Stian offers some practical advice on how to find the balance between having protection in place but not being over-insured.
The conversation also addresses the emotional toll of dealing with financial administration, including claiming from the road accident fund, medical schemes, and insurance companies, and the critical need for a supportive financial team.
Both Nonhlanhla and Stian advocate for building a support system, whether through friends, family, or financial professionals who can guide individuals through the complexities of financial planning and insurance claims. This episode covers:
The topic of disability and its financial impact
Nonhlanhla's personal story and experiences with disability
The costs of living with a disability
Insights from Stian on managing disability finances
Discussion on insurance challenges and tax deductions
Importance of having a financial support team
Practical advice for budgeting and prioritising expenses
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5: Retirement Reimagined Episode 5: Facing the reality of retirement
In the latest episode of Retirement Reimagined, we examine what retirement means to those over 60. Using the findings from the FNB retirement survey, host Maya Fisher-French speaks to Renee Coughlan of FNB Wealth and Investment about the reality facing many retirees who feel less prepared than ever before.
Individuals over 60 report a lack of confidence in their retirement readiness, exacerbated by rising living costs and inflation. As Coughlan points out, the pension income that many retirees rely upon is not keeping pace with the cost of everyday essentials, from groceries to medical expenses. This stark reality has left many feeling anxious and uncertain about their financial futures.
One of the key themes discussed is the need to support multiple generations. Many retirees find themselves financially responsible for not only their children, but their elderly parents and even grandchildren, further straining their already limited resources.
Throughout the episode, the hosts emphasise the necessity of regular portfolio reviews. Coughlan stresses that many people only start to seriously consider their retirement plans as they approach their late fifties, which can be too late to make significant adjustments. Regularly reviewing investment portfolios, insurance policies, and budgeting can make a substantial difference in achieving retirement goals.
Budgeting is another critical topic covered in the episode. The hosts share practical advice for seniors, such as seeking out discounts and rewards programs and re-evaluating existing expenses. By making small sacrifices and adjustments, retirees can free up cash that can be redirected towards their retirement savings.
For those under 60, the episode serves as a wake-up call to begin preparing for retirement sooner rather than later. Retirement is not just about ceasing to work; it’s about living a fulfilling life. The financial landscape is changing, and it’s essential to be proactive in planning for the future.
Click this link for more information on the retirement survey. Don't miss the next episode, where we will discuss what prevents us from planning for retirement.
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A single mom's guide to drawing up a will
We asked many single moms what their greatest concerns were regarding drawing up a will. Host Maya Fisher-French asked fiduciary expert Deenisha Nadesan of Capital Legacy to answer them.
For most moms, their concerns were around who would look after their child, who would manage the money on behalf of the child, and whether they had enough to provide for their living costs and education.
We covered all the questions you need answers to including:
· Can I leave a property to my child
· What makes a will valid
· What happens to my pension fund?
· Can I nominate someone other than the biological father as guardian
· How does a testamentary trust work, and how is it different from a beneficiary fund?
· How much does it cost to draw up a will
· Who should be the executor
While this was a discussion about single moms, it is relevant to any parent.
Click here for the Single Mom's Guide To a Will.
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S2 Ep5: Money Bootcamp: Your debt, your responsibility and your rights
In the latest episode of the Santam Insure Your Future Money Bootcamp, we discuss the sensitive topic of debt. While we all need credit, especially to purchase a home or a car, if it is not managed carefully, it can become a debt trap which undermines all our other important financial goals.
Brian Mphakoanyane from Summit Financial joins hosts Maya Fisher-French and Mapalo Makhu to explain credit scores, good and bad debt, and what to do when debt becomes unmanageable.
The conversation delves into practical strategies for managing debt, understanding creditworthiness, and the importance of maintaining a healthy debt-to-income ratio. Brian shares insights on debt review, its pros and cons, and the significance of creating an emergency savings account while under debt counselling.
This episode is not just about understanding debt; it’s about empowering listeners to take charge of their financial futures. By providing practical tips and expert advice, this episode provides information to reassess their financial habits and make informed decisions. Tune in to gain the knowledge you need to transform your financial situation and pave the way for a brighter financial future.
Talking all things money. Maya Fisher-French discusses the do’s and don’ts when it comes to your finances. To join the conversation send me an email via https://mayaonmoney.co.za/contact/
South Africa