Last Will and Testament . Now is the time to relook these documents , to ensure that a legacy is left behind that one can be proud of .
3 . Investment Planning
“ Don ’ t save what is left after spending ; spend what is left after saving .” — Warren Buffet
Investment planning starts by determining investment goals and objectives , where you design an effective investment strategy to achieve those goals . Your risk profile , inflation and exposure to growth assets , the correct investment vehicles and asset allocation are some of the factors to consider when doing investment planning .
Investment planning is crucial for individuals . They should ask themselves regularly whether their strategy is still relevant and review their investment plan annually . Are your goals , lifestyle considerations and liquidity needs still the same as the last time a strategy was considered or were there changes in your circumstances such as the death of a family member , a retrenchment , promotion or any other event that had a significant financial impact .
4 . Retirement Planning
Retirement planning has three stages : planning for retirement , planning at retirement , and planning in retirement .
Pre-retirement planning involves saving enough for retirement and exploring the use of an ideal investment vehicle for retirement savings . This is where your retirement savings are invested in assets that are likely to help you reach your goals .
At-retirement planning helps determine how much of your retirement savings you should commute ( the once-off lump sum you can withdraw , depending on regulatory restrictions ). It also guides a client on how much they can withdraw annually to ensure their funds are not depleted at an unsustainable rate .
Post-retirement planning is an annual review of an individual ’ s circumstances and assists in making a longterm sustainable downsizing of income .
Regardless of where an individual finds him- / herself in their career path , reviewing their retirement plan – even if it is still in the distant future – will ensure that this milestone can be reached .
5 . Holistic Financial Planning
“ Financial planning is like navigation . If you know where you are and where you want to go , navigation isn ’ t such a great problem . It ’ s when you don ’ t know the two points that it ’ s difficult .” – Venita VanCaspel
Financial planning considers significant financial commitments or life decisions such as buying a house , getting married , getting divorced , whether or not to have children , retrenchment and retirement . It is in these instances when emotions run high , where an objective financial adviser can help guide these important decisions .
The specialists at PPS S 3 believe that if a business owner and / or individual reconsider all these issues regularly , the financial wellbeing of both businesses and individuals can be protected . The last piece of advice from the team ? There are many issues to consider , and therefore , business owners and individuals should not hesitate to call on specialists to assist them .
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