12/09/2024
Did you know only 6% of South Africans retire comfortably? This means most will rely on family for support. As parents age, it's important to have things in order. Here are 5 ways you can help them (and yourself!):
1️⃣Join the Planning Team: Ensure that your parents have an accredited, trusted financial adviser, and be included in their financial meetings to stay informed.
2️⃣Review & Update: Yearly checkups for risk cover and retirement plans ensure they're on track.
3️⃣Choose the Right Annuity: Understand living annuities vs life annuities to pick the best fit for their needs.
4️⃣Have a Valid Will: Ensure your parents have a valid will.
5️⃣Power of Attorney: Your parents may give you general power of attorney to manage their affairs when they can't be present, such as during illness. However, if they become mentally incapacitated, the power of attorney becomes null and void, and any actions on their behalf would be considered fraud.
Feeling overwhelmed? Let's chat about how we can help your family create a solid financial plan for the future.
https://www.sanlamadvice.co.za/adviser/tumi-luthuli/contact-us
