In the latest episode of Retirement Reimagined, we examine what retirement means to those over 60. Using the findings from the FNB retirement survey, host Maya Fisher-French speaks to Renee Coughlan of FNB Wealth and Investment about the reality facing many retirees who feel less prepared than ever before.

 

Individuals over 60 report a lack of confidence in their retirement readiness, exacerbated by rising living costs and inflation. As Coughlan points out, the pension income that many retirees rely upon is not keeping pace with the cost of everyday essentials, from groceries to medical expenses. This stark reality has left many feeling anxious and uncertain about their financial futures.

 

One of the key themes discussed is the need to support multiple generations. Many retirees find themselves financially responsible for not only their children, but their elderly parents and even grandchildren, further straining their already limited resources. 

Throughout the episode, the hosts emphasise the necessity of regular portfolio reviews. Coughlan stresses that many people only start to seriously consider their retirement plans as they approach their late fifties, which can be too late to make significant adjustments. Regularly reviewing investment portfolios, insurance policies, and budgeting can make a substantial difference in achieving retirement goals.

 

Budgeting is another critical topic covered in the episode. The hosts share practical advice for seniors, such as seeking out discounts and rewards programs and re-evaluating existing expenses. By making small sacrifices and adjustments, retirees can free up cash that can be redirected towards their retirement savings.

 

For those under 60, the episode serves as a wake-up call to begin preparing for retirement sooner rather than later. Retirement is not just about ceasing to work; it’s about living a fulfilling life. The financial landscape is changing, and it’s essential to be proactive in planning for the future.

Click this link for more information on the retirement survey. Don't miss the next episode, where we will discuss what prevents us from planning for retirement.