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Retirement savings shortfall: Here’s how to recover

Richus Nel from PSG Wealth offers some guidance on how to catch up on your retirement savings if you have fallen behind.

October is retirement month and we will be focusing on this crucial aspect of financial planning in a series of four Money Savvy episodes.

In this episode, Richus Nel, a certified financial planner at PSG Wealth, discusses steps to take when you realise you may not make your retirement savings target: whether you should consider a longer career span, if downscaling your home could help, and whether you can supplement your income with the government pension.

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GET OUT OF DEBT 1ST!!!!!!!!! If you are paying more in interest than you are making YOU ARE GOING BACKWARDS!!!!!!! Dr. Debt

Some good advice, The CFP mentions the 4% rule for living annuities, however again FAILS TO MENTION LIFE ANNUITIES.
I wonder why.. could it be COMMISSIONS ?……..

Bruce Cameron personal finance journalist mentioned the risk of living annuities or ILLA’s (Investment Linked living annuities ). Perhaps some stats on how many pensioners have been left destitute as a result of draw down rates which had to be over 4% unavoidably. The fact is many can not work beyond 65 for various reasons and are struggling to survive daily let alone save for retirement.

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