TOTT 14 February 2019

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WINNING SMILE: Brenda Campbell is a Makhanda attorney specialising in conveyancing, wills,
wills, administration of deceased estates, antenuptial contracts and trusts Picture: ADELE STECK
If, like most people, the
worlds of finance and
the law are far from
your area of expertise,
there may come a time
when you will need some
professional advice.
In the Ndlambe and
Makhanda municipal
areas there is a wealth of
talent that can assist you
to resolve all your
financial issues such as
insurance needs,
retirement planning and
much more.
Gavin Came, Wealth
Adviser for Sasfin Wealth
says that South Africans
are notoriously bad
savers. “Time and time
again our savings rates
are compared
unfavourably with the rest
of the world. Over long
periods of time
(1960-2018) our household
Professional advice from top experts in their various fields
savings rates have
averaged about 4.5% per
year. Not surprisingly,
these low savings levels
translate into poor
retirement outcomes and
a large number of people
who finally retire
dependent on the
government old age grant.
“So, saving and
investing wisely towards
your comfortable pension
years is a privilege, and it
is important not to
squander the value of
what you have built up.
Although, traditionally,
retirement has been
determined by age, it is
more useful to talk about
the point in one’s life
where you stop saving
and start living off your
accumulated investments.
This definition places less
emphasis on retirement
being a target and rather
a process which can be
controlled. Here are 10
tips to ensure a
comfortable retirement.”
Create a realistic
financial plan
If there was ever a time
to engage a financial
planner, it is at the point
of your retirement. Many
decisions at this important
point are irreversible.
Careful discussion,
budgeting and planning
are essential. At the very
least a realistic budget
should be created and the
monthly expenses divided
into essential and
non-essential spending so
that where necessary the
correct expense items are
attacked and reduced
first. Ensure that your
retirement assets are well
diversified in terms of
asset classes and
geographically. For
wealthier retirees be sure
that your plan includes
estate planning
considerations. A poorly
planned estate can leave
nasty administrative and
financial shocks for your
loved ones.
Consider continuing to
work
Apart from being able
to “kick the financial tin
down the road”, thus
allowing your investments
more time to grow, you
will possibly even be able
to continue to add to your
investments securing an
even more comfortable
retirement. The
non-financial benefits are
that you will continue to
be engaged in work that is
stimulating and goalcentred
creating a sense
of purpose. Consider
working for an NGO where
over and above being paid
the reward of achieving a
socially desirable outcome
is an added benefit
Ensure that you are debt
free
Even at a prime
overdraft interest rate,
ones debt is growing at
nearly double the inflation
rate. To demand that your
investment portfolio grows
sufficiently fast to pay
these interest rates as
well as securing a
comfortable cash-flow is
often a bridge too far.
Ensure that by the time
you retire your debt is also
retired.
Defer actually taking
your retirement benefits
for as long as possible
Retirement funds
(pension funds, provident
funds, retirement
annuities and living
annuities) all have
valuable tax and other
benefits built into them to
encourage savings in the
first place. In your
planning, draw down on
these as far into the future
as your cash-flows will
allow. Not only will you
reap the tax benefits, but
these investments can
often be passed on to
your beneficiaries,
securing tax efficient
savings vehicles for them
as well.
Ensure that your medical
cover is in place and
matches your state of
health
Each person
experiences different
financial impacts related
to their state of health. A
simple example is that a
person who uses high
levels of chronic
medication would be
better served by a
comprehensive medical
aid rather than a hospital
plan which only pays
in-hospital medical
expenses. The state of
one’s health tends to be
ever-changing so keep
options open as far as
possible and review this
expensive budget item
r e g u l a r l y.
Communicate honestly
about your finances with
your spouse and children
Many retirees try
valiantly to provide for
children far into their adult
lives. Very few retirees can
afford to maintain four or
five motor vehicles and
pay for grandchildren’s’
education. Have a frank
discussion and set out
what your plan allows for
in terms of care of
children and
grandchildren. At the
same time spouses should
communicate with each
other what is possible
within their retirement
budget. Nothing destroys
a plan more
comprehensively than if
one spouse buys an
expensive speedboat or
continues renovating the
family home without
regard to the impact.
Carefully consider your
life insurance
Life and disability
insurance is an essential
financial tool to provide
for a family when the
breadwinner passes away
prematurely. At retirement
however it is important to
re-evaluate the role of life
insurance. If both spouses
will live comfortably on
accumulated investments,
consider, in conjunction
WARRICK STRACHAN CFP ®
T: 046 604 2300 (o) 072 3766 523 (m)
E: warrick@oldmutualpfa.com
30 Campbell Street, Port Alfred
27 Lyon Road, Kenton on Sea
Cnr African & Allen Streets, Grahamstown
with your adviser,
cancelling life insurance in
favour of other budget
items.
Don’t forget about
i n f l at i o n
Inflation is an evil
phenomenon that creeps
up on the most
well-funded retirement
plan. Although the official
government inflation rate
is well monitored and is a
critical financial tool for a
number of purposes, each
of us has our own
personal inflation rate
based on what we spend
our money on. As one gets
older, for example,
medical costs including
medical aids become a
bigger and bigger
proportion of our monthly
spend. Over the years
medical inflation has
operated at 2-3
percentage points higher
than the published
inflation rate. And we
h av e n ’t even spoken about
E s ko m .
Keep reviewing your
plan
Your financial
circumstances in
retirement will be
constantly changing. Over
a year you could spend
more or less than
originally planned. You
could face unforeseen
capital expenses, perhaps
a new car or a medical
emergency, or receive an
unexpected inheritance. It
is therefore essential that
the original plan is
reviewed at least annually.
Don’t keep up with the
Joneses
One last point, at this
stage, of all times in one
life, do not succumb to
“keeping up with the
Joneses”. Funding a trip
to Mauritius with your
mates, which is not
covered by your plan, is a
no-no. A bring-and-braai
party may well be your
only way of reciprocating
rather than a dinner at a
fancy restaurant and
sharing a hefty bill. Ensure
that you live within your
means and within your
plan. Plan your retirement
by speaking to your Sasfin
Wealth Adviser or Portfolio
Manager about our global
solutions, for at Sasfin
Wealth we offer you one
asset class – the world.
At Old Mutual, “We run
my financial planning
practice using integrated
wealth planning principles
as our guiding process,”
said executive financial
adviser Warrick Strachan.
“This entails using a
financial goal-based
planning process in which
our customers the central
and most important figure
and who prioritise their
goals and dreams. A
financial needs analysis
follows, solutions
recommended and when
the customer is satisfied,
solutions are
implemented. A critical
component is the ongoing
and regular review
process to ensure the
implemented solutions
continue to meet the
c u st o m e r ’s objectives and
BENASURE
BROKERS
BK/CC
CK90/19680/23
Korttermynversekeringsmakelaars
Short Term Insurance Brokers
FIA Lid/ Member # 02006027
FSP: 13586
10 Hancorn Lane/Hancornlaan 10
Port Alfred 6170
Tel: 046 624 1524
Faks/Fax: 086 697 4208
Petro: 082 8242 937
E-pos/mail:benadej@mweb.co.za
to set new goals.
“As a trusted partner in
our client’s lives over the
past 25 years we strive to
remain relevant by
complying with the
stringent requirements of
the Financial Planning
Institute, utilising the
support and infrastructure
of SA’s biggest and most
trusted financial services
brands, Old
Mutual.”
Their Port Alfred offices
are at 30 Campbell Street
where they are open
Monday to Friday 9am to
4pm. They also have
offices in Grahamstown.
Everyone needs legal
advice at some time or
other. Whether for an
antenuptual contract or
litigation, having an
attorney on your side to
offer advice and to fight
your case for you if
necessar y.
Woolgar Attorneys do
mainly conveyancing,
estates, commercial work,
collections, litigation and
wills. Barry Woollgar was
admitted as an attorney
28 years ago and moved
his practice to Port Alfred
in 2012.
For any legal
requirements feel free to
contact our offices. See
the advert.
Short-term insurance
brokers with almost 30
years’ experience to back
them up, Benasure
Brokers specialise in
personal and business
insurance, contract works
and liability as well as
all-risk insurance for
plant.
Call Petro Benade for
assistance with revisions
to your current insurance
portfolio, or ask for a
comparative quotation to
see how much you can
save on your current
short-term insurance
policies. Ask for current
and outstanding claims or
just for general advice on
all your short-term
insurance needs. Visit
Benasure Brokers at 10
Hancorn Lane in Port
Alfred or phone on
082-824-2937 or 046-
624-1524.
HMB Attorneys (HM
Botha) was founded in
1990 in Gauteng, with its
head office in Midrand.
The firm opened the
Port Alfred branch office
in 2018. The Port Alfred
office is under the control
of Marietjie Robb, who is
an attorney, notary and
conveyancer with 32
years’ experience.
“Our partners and staff
are passionate about law
and provide a friendly,
personal and professional
ser vice,” said Robb. “Our
Port Alfred branch
specialises in property
law, property
development,
conveyancing, estate
planning, wills,
administration of estates
and general contracts,
including antenuptial
contracts as well as
mining law.
“We believe in
supporting the local
community and look
forward to becoming a
part of it.”
FOR FRIENDLY AND
EFFICIENT SERVICE,
CONTACT US FOR
ALL YOUR LEGAL
REQUIREMENTS.
TAKING PART: Posing for a photo after taking part in the recent Rotary Swim-a-thon were the Seeff
team of, from left, Antony de Bruin, Catelyn Lewis, Ella Funde and Mia Marias Picture: NTOMBI MSUTU
PROUD MOMENT: Taking some time out after judging the recent Swim-a-Thon at the Port Alfred
High School Pool were, from left, Lion president Francois de Klerk, Rotarian Tina Hon, Lion Neville
Williamson, Sheena Louca, and Rotarians Hans Hon and Mike Millard Picture: NTOMBI MSUTU
MC DUTIES: Lion Neville Williamson with Port
Alfred High School head of marketing Laura
Guest at the Rotary Swim-a-thon held at the
Port Alfred High School pool recently
Picture: NTOMBI MSUTU
WATER FOR OUR NEIGHBOURS: Port Alfred High
School Grade 2 pupil Kourtney Wright was one
of many who brought water to school this past
week as part of the school’s efforts to assist
pupils in Makhanda who are in serious need.
Members of the public are welcome to send or
drop off water at the front office between
7.30am and 3pm, Monday to Friday
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SHOES COLLECTION: Head girl of Port Alfred
High School, Lynn Baatjies, recently handed
over a collection of shoes to Temba Tele of
Confident Girls. The collection began with the
2018 matrics at the end of last year and
included sports shoes from several pupils in
other grades at the start of this year. Temba
will distribute to those in need
PAHS CARNIVAL LAUNCH: The annual major
fundraiser for Port Alfred High School has got
off to a flying start with every pupil now selling
raffle tickets for a Trolley Dash sponsored by
the Rosehill SUPERSPAR. Grade 2 pupil Matthew
Steck is counting down the days until the PAHS
Carnival and Food Fair takes place on Friday
March 1 from 3pm until 6pm on the school
fields