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A life annuity is an insurance product that trades your retirement savings for regular, monthly income payments. All life annuities are guaranteed for as long as you live, but there are also different types of life annuities to choose from, which determines how your annuity increases each year. Understanding the different types of life annuities can help when planning for retirement. Each type has its own benefits and considerations, depending on your financial goals and retirement plans. In this video, we break down 𝐥𝐞𝐯𝐞𝐥 𝐚𝐧𝐧𝐮𝐢𝐭𝐢𝐞𝐬. 🔍In this video you'll learn about: ✅What a level annuity is ✅The pros and cons of a level annuity Stay tuned for our next video where we’ll explore fixed escalation annuities. Want to dive deeper into level annuities? Read more to explore how this option could fit into your retirement plan: >> https://lnkd.in/dBZNyYUc #JustSA #RetirementPlanning #LevelAnnuities #FinancialPlanning

There are several types of 𝐥𝐢𝐟𝐞 annuities, but they all share one key feature: guaranteed monthly income for life, no matter how long you live. Life annuities can be a valuable asset in a financially secure retirement. At Just SA, we believe retirement income should be reliable, and last as long as it needs to – for life! We know that planning for retirement can be complex, but understanding the basic differences of life annuities can help with the decision-making process. Stay tuned as we explore the different life annuity options available. Or visit our website and learn more about Just SA’s life annuity options to safeguard financial security in retirement. >> https://lnkd.in/d86qRmij #JustSA #RetirementPlanning #Annuities101 #LifeAnnuity #RetirementIncome

Around the world, annuities are commonly used to fund retirement by providing a regular income, usually over a long period of time. They can come in various shapes and sizes and are unfortunately often seen as complex products with heaps of rules and regulations. But annuities are a great way to create an income stream in retirement. Our latest infographic breaks down the key differences between Living, Life, and Blended annuities for South African retirees. Whether you’re looking for income flexibility, security, or a balance between both, understanding your options can help you feel more confident about retirement planning. Check out our infographic below, and let us know if you’ve found it helpful. 💼💡 Learn more about guaranteed retirement income here: >> https://lnkd.in/d5fAMxBp #JustSA #RetirementPlanning #LivingAnnuity #LifeAnnuity #BlendedAnnuity

A secure retirement isn't a stroke of luck — it's the reward for wise financial planning. Here are five tips to maximise your savings in and before retirement: ☑️ Adopt a savings mindset Even minor spending adjustments can significantly increase your savings over time. Actively seek discounts, maximise your reward programmes, and identify areas where you can cut back. ☑️ Try loud budgeting Loud budgeting helps you create opportunities for increased financial awareness. It’s as simple as declaring your plans, goals, and difficulties to your family and friends. ☑️ Preserve your investments Resist the urge to tap into your investments prematurely. Your savings need to last throughout your retirement. ☑️ Consider a later retirement People are living longer and staying active well into their seventies, so why not add to that retirement nest egg by working for a few extra years? It can make a big difference, even if it's just part-time work. ☑️ Consider a guaranteed life annuity Unlike other retirement income options which offer variable income based on market performance, guaranteed life annuities provide a reliable income for your entire lifetime, no matter how long you live. For many, retirement is a phase of life that can bring with it a touch of uncertainty and maybe even worry — this is perfectly normal. But understand that effective income planning today ensures a future in which your savings will continue to support the life you’ve built. For the complete list of savings strategies, read more here: https://lnkd.in/d7PXgqKc #JustSA #RetirementPlanning #SavingsStrategies

As was the case in all our previous surveys, respondents to the Just Retirement Insights 2024 survey emphasised a need for income certainty in retirement. They expressed a strong preference for: 🔒 Lifetime retirement income 📈 Income that keeps pace with inflation 📉 Income that is unaffected by market volatility Some life annuities have these built-in features by design. They offer a steady, reliable income stream for life, sparing clients from having to actively manage their income. This guaranteed income can ease some common retirement concerns. Retirees who still want some investment flexibility can consider a blended annuity, which offers a life annuity as an investment portfolio inside a living annuity. It's a solution that can adapt to changing retirement income needs. Empowering clients with up-to-date information on their retirement income options goes a long way towards helping them achieve a confident retirement. Read the full report here: >> https://lnkd.in/dqcGJdjn #JustSA #JustRetirementInsights #RetirementPlanning #LifeAnnuity #RetirementIncome #FinancialSecurity #SecureFuture #BlendedAnnuity

🎉 Happy Women’s Day! 🎉 Today, we celebrate the strength and resilience of all women, with a special shout-out to those who are in or approaching retirement. As you embark on your retirement journey, remember that it’s not an end, but a new beginning. Here are some things to think about in retirement: 1️⃣ Your life expectancy: Statistics show that a 65-year-old woman has a 10% chance of living to 100, and more often than not, women outlive men. Plan for a sustainable income in retirement that will continue after your spouse or partner passes. A man is not a guaranteed financial plan! 2️⃣ Your risk appetite: Understand your preference for income certainty or income flexibility. This often boils down to a choice between a guaranteed income from a life annuity or withdrawing from a living annuity. Maybe consider an option that can give you the best of both – the flexibility you desire and the certainty of a guarantee. 3️⃣ Your income needs: Understanding your joint and individual income needs is vital to maintaining a lifestyle you want in retirement and being able to continue doing the things you love. Evaluate your essential expenses alongside your discretionary spending, and factor in rising healthcare costs as you age, which could be significant if you do in fact live to 100! 4️⃣ Stay informed: Keep learning about financial products and solutions to bolster your retirement planning and provide added financial security. If in doubt, seek advice from a financial adviser who can help you understand what YOU need to achieve a better later life. May this Women’s Day bring you joy, peace, and the relaxation that you so richly deserve. Here’s to celebrating you today, and every day! 🥂🌸 >> https://lnkd.in/dnS8kEXE #JustSA #RetirementPlanning #WomenInRetirement #RetirementSavings #WomensDay

Just Retirement Insights 2024 asked: ‘If your retirement money is enough for now, but may run out in the future, who will you rely on to provide support?’ 🔺 46% of respondents said they would rely on the government, up from 27% in the 2022 study. 👪 39% indicated they would rely on their children or grandchildren. This indicates a growing burden on the state and family, highlighting the retirement income crisis in South Africa. Retirement savings must work diligently if retirees are to avoid financial dependence. Furthermore, 84% of respondents said their retirement income must keep pace with inflation annually. And historically, inflation in South Africa has only been below 5% in ten of the last 33 years. Despite these challenges, it’s not all doom and gloom. At Just SA, we believe that financial advisers play an essential role in helping retirees to secure a dependable, sustainable retirement income. Read the full report here: >> https://lnkd.in/dqcGJdjn #JustSARetirementInsights #RetirementPlanning #FinancialSupport #EconomicChallenges #SecureRetirement

The Just Retirement Insights 2024 revealed that 39% of people in or near retirement still needed to calculate their financial retirement needs. Among these, 20% cited insufficient funds as the cause and 50% said they don’t know how to! With high unemployment and increasing living costs in South Africa, limited income is a genuine challenge, affecting retirement planning significantly. The survey results further show that lower-income households are less inclined to plan for retirement.: ☑️ 3 out of 10 households earning less than R6000 monthly have retirement plans. ☑️ 6 out of 10 households earning between R10 001 and R20 000 monthly have retirement plans. ☑️ 8 out of 10 households earning more than R50 000 monthly have retirement plans. At Just SA, we emphasise that retirement planning is essential and achievable, regardless of savings or financial complexity. A secure lifetime income remains a crucial retirement goal. Read the full report here: >>https://lnkd.in/dqcGJdjn #JustSA #RetirementInsights #RetirementPlanning #SecureFuture

Did you know? Only three out of ten individuals consider the impact of cognitive decline when they plan for retirement. According to our tracking study, the proportion of respondents planning for cognitive decline has remained stagnant over the years, suggesting a pervasive sense of misplaced confidence. Deteriorating mental and physical health in retirement is a double whammy: 1️⃣ It can impact how well clients manage their finances. 2️⃣ It requires ongoing medical care, often with a hefty price tag that can significantly impact clients’ financial stability. The report also explores the probability of longer life expectancies, reminding us that it's crucial to recognise that living longer increases the risk of dementia, a disease predominantly affecting the elderly. Yet, only some consider its potential impact on financial decision-making in late retirement. Encourage your clients to consider how ageing affects all aspects of their health and to factor this into their financial plan. Read the full report here: https://lnkd.in/dqcGJdjn #JustSA #RetirementInsights #RetirementPlanning #CognitiveDecline

Your clients could live until the age of 100. But will their money last? Just Retirement Insights tracks the South African retirement market. Respondents’ views on their life expectancy reveal that: ☑️ Many individuals in the 60–70 age group underestimate their lifespan, not realising that longevity trends could see them living much longer than they expect to. ☑️ This is worrying, as many people will need to decide in this decade what retirement income solution is best for them. Best practice suggests planning up to age 95 for men and 100 for women because these are the ages most likely to be reached. Interestingly, these probabilities remain consistent regardless of current age. For example, a 60-year-old male and an 80-year-old male both have approximately a 10% chance of living to 95. Read the Just Retirement Insights Report to learn more: >> https://lnkd.in/dqcGJdjn #JustSA #RetirementInsights #RetirementPlanning #LifeExpectancy