Financial Focus

Your children have left home and your house is nearly paid off reducing your financial burdens considerably. Conversely, you are nearing retirement and will be more conservative, focusing more on capital preservation than growth. You may also be experiencing increased medical costs.

You also have more leisure time – we recommend using some of it to fine-tune your financial affairs.

Financial plan

No matter what your life stage or financial needs you need a financial plan and a budget. Both of these will change as your life circumstances change. If you need help please visit financial planning & advice for tips on how to manage your finances.

Emergency savings plan

Retain your emergency savings fund as this will save you from having to access your other investments at this crucial stage. Continue to contribute to a savings vehicle that offers you good interest rates and easy access to your money.

Short-term insurance

You have worked hard to achieve your goals and for your possessions. So, whether it is a car or a hi-fi you should consider protecting your assets and possessions with a good short-term insurance product that suits your specific requirements.

Retirement

Retirement funding will be your primary focus at this stage and you must speak to your adviser about the best way to start adjusting your retirement plan to meet your changing needs.

You should also start investigating what options you have in terms of purchasing a life or living annuity to provide for your retirement income.

Medical Aid

When you have children you need to revisit your healthcare provisions. Alone or as a couple your day-to-day expenses will most likely be less than when you have growing children.

Investments

At this stage of your life it is important that you are a member of a comprehensive medical aid that caters for intensified day-to-day expenses and possibly chronic illness.

Risk protection: death and disability

You still need to worry about what will happen to your loved ones if something happens to prevent you from working to accumulate capital. Old Mutual’s Greenlight offers a comprehensive selection of life and protection products to give you peace-of-mind.

Investments

Consult your adviser about restructuring your investment portfolio to suit your reduced time-horizon – again with an emphasis on preservation over growth. Ask them to explain what options you have within Old Mutual's range of savings and investments.

Changing jobs

An important aspect of changing your place of work is what you intend to do with your pension/provident fund money accrued with your previous employer. Old Mutual offers preservation options within our range of retirement funding products to suit your needs. Either as a permanent retirement product or just somewhere to park your money until you know where you want to invest it.

Funeral plan

Funerals are costly and complicated to arrange. Ensure that, should you die, you have removed these burdens from your spouse by investing in comprehensive funeral cover.

Estate planning

Make sure your estate is in order. Revise your Will, check your beneficiaries and trusts. Old Mutual offers an estate planning service that will help you draft your will, conduct a tax-efficiency analysis and set up any trust. Old Mutual also offers trustee and executorship services.

Advice

Contact an Old Mutual financial adviser today to help you develop a financial plan that suits your current circumstances and financial position.