55+ Planning for Retirement

You’re almost there! Your savings, if you have made good choices and planned ahead, are looking like as good as gold by now.

Step 1:

Try to have your home paid off before you finish working, so that you won’t have that financial burden when you are on pension. Paying off debt is a huge priority at this stage.

Click here for contact details of financial advisors who can help you with advice to pay off debt before you retire.

Step 2:

Should the worst happen, your loved ones will receive a death benefit from the Fund. Talk to your family and make sure they understand what they are entitled to, and who to call/where to go/what to do if you are no longer around. It’s not an easy discussion, but it is a necessary one. Rather help them now, while you can, and leave a legacy of love and good memories.

Visit the BENEFITS menu item above.

Step 3:

Talk to your financial planner and if you do not have enough retirement savings, now is the time to contribute more to your nest egg. As much as you can to meet your retirement objectives. Hopefully, you’re in a more secure financial position now that some of the kids are maturing out of the house, and so making additional contributions is a real possibility.

Don’t let anything get in the way of a comfortable retirement.

Read about your contributions and speak to a financial advisor to find out whether you are still on your way to a comfortable retirement (see the details below)

Click here to read about your contributions

Step 4:

It’s likely that your kids have now left the house. By updating your Expression of Wish form, you can ensure that your loved ones that are still financially dependent on you will be cared for in the event of your death. This may not be a pleasant topic to think about, but it is a very important one. Don’t let them down – they will need your support.

Update your Expression of Wish form whenever you get married, divorced or get a child (very important)

Step 5:

Make sure your savings are in the right portfolio so that you don’t lose out at this late stage. Ensure you are on the right track by checking in with your financial advisor to plan for your final years to retirement. Time is short and you need to be sure that you have enough saved to enjoy a comfortable retirement.

Read up about the Fund investments and complete your Member Investment Choice Switch form if you need to switch to a different portfolio. If you do not complete this form, you will stay invested where you are.

Please note: before you decide to choose an investment portfolio, please speak to a financial advisor. See the details below.

Click here to read more about the Fund Investments.

Step 6:

Now, make sure you know how and where to see your Member Share. And remember that if you leave the fund, you have various options in terms of how to use this benefit – it is important to understand the tax implications of taking a portion of this benefit in cash. Remember, your decision cannot be changed.

Click on Visit below to Login to the Secure Portion of this website.

Step 7:

Start discussing your pension options with your financial advisor, who will help you choose the best annuity for your needs one day and ensure that your financial plan is in line with your choice of annuity. Get help and advice to help you in this last stretch on your journey to retirement and understand your benefits.

Please note: If you are considering early retirement, discuss that with your financial advisor and make sure you are aware of all the pitfalls of retiring early. There are some very important risks to consider first, to ensure that you live comfortably through your golden years.

Click here for contact details of financial advisors and benefits counsellors