Ensuring Your Protection

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.

In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include lifestyle choices such as how to spend time in retirement, where to live, when to completely quit working, etc. A holistic approach to retirement planning considers all these areas.

The emphasis one puts on retirement planning changes throughout different life stages. Early in a person's working life, retirement planning is about setting aside enough money for retirement. During the middle of your career, it might also include setting specific income or asset targets and taking the steps to achieve them. Once you reach retirement age, you go from accumulating assets to what planners call the distribution phase. You’re no longer paying in; instead your decades of saving are paying out.

Read more: Retirement Planning 


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If you want to get serious about financial planning then you are going to need a financial needs analysis. Never fear – it is not as complicated as it sounds. Here is a beginner’s guide to a financial needs analysis. 

A needs analysis is carried out by a qualified financial planner to ascertain the current state of your finances and your future financial needs. It also ensures that you are not sold any particular financial product without an overall assessment of your finances and existing financial portfolio. For example, 20 years ago, a salesman would have been able to sell you a life insurance policy without any idea of what your expenses were or how many other life insurance policies you already had. He would walk away with a hefty commission and you would be none the wiser! Zoom forward 20 years to the present and the financial services industry has changed dramatically. The following factors now have to be taken into account when you consult a financial planner and these are incorporated into your financial needs analysis:

  • Your income and expenses or your budget.

  • Your current assets and liabilities - this would include assets such as property and liabilities such as your debts.

  • A list of all the current financial products you own such as life insurance policies, funeral policies and investments.

  • Your current and future financial needs depending on your life stage. For example, your marital status and whether you have dependants or not.

  • Your planner or financial adviser will also take into account any employment benefits you enjoy, such as group life assurance and medical aid benefits.


Whatever You Need

A business exit strategy is an entrepreneur's strategic plan to sell his or her ownership in a company to investors or another company. An exit strategy gives a business owner a way to reduce or liquidate his stake in a business and, if the business is successful, make a substantial profit. If the business is not successful, an exit strategy (or "exit plan") enables the entrepreneur to limit losses.

Read more: Business Exit Strategy Definition | Investopedia 



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