Attorney Michael de Broglio on: South Africa, Law, Politics, Attorneys, Sport, Photography, Technology, Gadgets, Media, Crime, Road Accidents Fund,
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People are living much longer these days, and it is a good reminder that one really has to provide for one’s retirement. I think far too many people retire too early – 60 is a ridiculous age to retire – and then they also retire with too little money. A recent article in The Economist magazine confirmed that life expectancy in richer countries has been growing at a rate of about 2½ years for every decade or, as they put it, every hour that you live, it appears that life expectancy is growing another 15 minutes!
In short, people are living far longer now and the figure is going up every day, than they ever lived before and every prediction as to at what age people are going to die is proven wrong with the current generation. While that is good news for those who want a nice long life, it is very bad news for governments and taxpayers, because ultimately taxes will have to be raised to fund what will be dramatic shortfalls and pensions around the world and it is bad news if you don’t start early on getting those retirement savings going. I have always suggested a retirement annuity, because it has tax benefits and it also has the benefit that it does not fall into your estate if you should for example be sequestrated. I don’t believe people, in any country, relying on government pensions can expect a comfortable or decent retirement and it is up to one to save or accept whatever you are given when you are 70.
Posted by Michael de Broglio on Wednesday 27-May-15
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Comments
Sinead said:
on Friday 29-May-15 04:54 PM
Retirement is really something to save for. You don't want to be stuck with no money by the time you have retired...
Joyce said:
on Friday 29-May-15 04:52 PM
I think a retirement annuity is very important to one's life
Nicky said:
on Friday 29-May-15 04:49 PM
On the one hand living longer sounds good but the financial consequences, if not properly prepared for, of a longer life can be dire.
Monita said:
on Friday 29-May-15 07:46 AM
My Parents struggled a lot because my father had to retire early because of a heart attack, so I agree that you should always have a backup plan! We never know what life has in store for us.
Kaylee said:
on Wednesday 27-May-15 03:30 PM
I think that this has a lot to do with the advancement in medicine. I can imagine that the life expectancy in Africa will increase when there is a cure or better preventative measures for HIV/AIDS.
I agree that saving is an absolute prerogative. It scares me to see the old age struggling.
Juliet said:
on Wednesday 27-May-15 03:28 PM
I am terrified of retirement already! I am just worried I only save enough to continue my standard of living until I am 85, and then what if I live until 98!
Angelique said:
on Wednesday 27-May-15 01:48 PM
I think I have commented more than enough on this topic. If people are 'living for today' and not thinking about tomorrow then they must suffer when they wanted to retire. Dog food might even be too expensive, so make sure you then have bright children who are able to look after you and of course you be a burden on them!
Bianca said:
on Wednesday 27-May-15 08:15 AM
I know of a lot of people that have retired at the age of 65 and have not sufficiently planned for their retirement and have landed up unfortunately living worse off than when they were still working. It is extremely important to make sure that when you eventually do retire, that you have made the necessary provisions but saving as much as possible and having as many retirement policies as possible so that you are able to enjoy your retirement. Many people find themselves in financial trouble whilst they are on retirement and I do not believe that someone that age should be struggling financially. Retirement is the time for you to enjoy what you worked so hard to build.
Alexis said:
on Wednesday 27-May-15 08:02 AM
I started saving as soon as I started working. I believe that when you ertire, you need to be comfortable as well as not put your children in a situation where they now need to provide for you. A person is still perfectly fine at the age of 60, there is no need to retire so early
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!