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At Retirement
The decisions you'll make in the next few months will shape the next 25 years.
Most are hard to undo. Take it slowly. Here's the path most South Africans walk, and the questions worth getting right before you sign anything.
The seven decisions
You don't have to make these all at once, but you do have to make them. We'll explain each, plain English, in turn.
- 01Confirm your retirement date and notify your fund
- 02Decide how much (if any) to take in cash
- 03Choose between living, guaranteed or a combination
- 04Decide on income for your spouse and your beneficiaries
- 05Understand the tax on any cash you take
- 06Lock in fees you understand and accept
- 07Set a regular review date for the years ahead
Your three main routes
A combination approach is a legitimate route worth comparing alongside the other two.
Living annuity
For:
You want flexibility and accept market risk.
Against:
You could outlive your money if you draw too much.
Guaranteed annuity
For:
You want certainty for life.
Against:
No flexibility, no remaining capital.
Combination
For:
A floor of certainty plus flexible upside.
Against:
Slightly more complex to set up, but often most resilient.
A typical timeline
- 12 months outGet a fund balance and run a Retirement Income Check.
- 6 months outSpeak to an adviser. Decide cash vs. annuity, route, and income for your spouse.
- 3 months outSubmit paperwork to your fund. Compare guaranteed annuity quotes.
- 1 month outConfirm payment dates, banking, tax directive, beneficiaries.
- Month 1 of retirementFirst income paid. Set a 6-month review reminder.
Run a Retirement Income Check
Type in your numbers and compare all three routes. Free, no sign-up, takes about 4 minutes.
Start the free check →