If you’re diligently saving towards retirement, a question on your mind may be how you can ensure that your savings will give you a sustainable income in retirement.
Besides, your goals and circumstances may be very different from that of the next person and you’ll want peace of mind that the plan you have in place will meet your particular needs. It needs to be a unique and personalised plan, and not a one-size-fits-all solution.
For instance, you may be able to rely on your savings to provide an adequate income, or you may be planning to do part-time work or consulting, or you may even decide that you’re healthy enough to travel the world for a couple of years after retirement. Either way, you’ll want some assurance that the way in which your retirement savings is managed will match your needs and secure an income for life.
Roenica Tyson, Investment Product Manager at Glacier by Sanlam, says it’s important to understand your options when it comes to securing an income in retirement. “This is where a financial adviser can help to explain things, and to find an optimal solution that suits the level of flexibility and security you need.”
Combining different investment solutions may increase your odds of achieving a sustainable retirement income and meeting your specific needs.