Die keuses by aftrede | Retirement Income Options | Procon
Procon Versekeringsmakelaars || Pensioen | Pension
Aankoop van 'n Pensioen - Purchasing of a Pension:
Die waarde van advies
Die keuses by aftrede is kompleks. Daar is baie verskillende inkomste-opsies beskikbaar en die mees gepaste inkomste-strategie vir jou mag uit ‘n kombinasie van opsies bestaan.
By aftrede kan jy met die verpligte gedeelte van die opbrengs uit jou aftreeproduk óf:
’n lewensannuïteit aankoop, wat ’n gereelde vaste inkomste voorsien en lewenslank gewaarborg is;óf
in ’n lewende annuïteit belê, met die buigsaamheid om jou inkomste elke jaar aan te pas. (Die maandelikse inkomstebedrag word egter nie gewaarborg nie, aangesien dit deur markskommelings en die grootte van jou belegging geraak word.)
Dit is moontlik om ‘n "Investment Linked Life Annuity" ILLA na ‘n gewaarborgde lyfrente om te skakel, maar ‘n ewaarborgde lyfrente kan nie aangepas word nie.
Dit is dus uiters belangrik dat jy versigtig oor jou opsies nadink. Dit is raadsaam om ‘n ervare geregistreerde finansiële adviseur te raadpleeg om seker te maak dat jy die mees gepaste keuses maak vir jou spesifieke finansiële situasie.
The decisions to be taken at retirement are complex. There are many retirement income options available and the most appropriate income strategy for you may involve a combination of them. At retirement, the compulsory portion of the proceeds from your retirement product allows you to either:
buy a life annuity, which provides a regular fixed income guaranteed for life;
invest in a living annuity, which gives you the flexibility to change your income every year (but the monthly income amount is not guaranteed as it depends on market movements and the size of your investment).
It is possible to convert an Investment Linked Life Annuity ILLA to a guaranteed life annuity, but a guaranteed life annuity cannot be changed.
It is therefore critical that you think carefully about your options. It is recommended that you consult with an experienced registered financial advisor to ensure that you make the decisions that are most appropriate to your specific financial situation.
Inkomste-opsies by aftrede:
Dit is belangrik dat jy verstaan wat die impak van die inkomste-opsie wat jy kies op jou inkomste na aftrede gaan wees.
Gewaarborgde lyfrente bied ’n gewaarborgde lewenslange inkomste. ’n Tweede versekerde, byvoorbeeld ’n gade, kan by uitname bygevoeg word en die inkomste is dan betaalbaar tot by die dood van die langslewende versekerde.
Dit is ook moontlik om ’n inkomste te kies wat afneem (byvoorbeeld, met 50%) na die dood van die eerste versekerde.
Tipies staak die inkomste by dood, maar dit is moontlik om by uitname ’n seker termyn te kies. Die inkomste word dan tot aan die einde van die seker termyn aan die versekerde se begunstigdes betaal indien die versekerde sou sterf gedurende die seker termyn.
As ’n seker termyn van 10 jaar gekies word, is inkomste vir minstens 10 jaar betaalbaar.
Die inkomste kan gelykblywende wees of jaarliks styg met ’n vaste persentasie (byvoorbeeld 5%)
As jy ’n produk benodig wat jou enigste of hoofbron van inkomste na aftrede gaan wees, behoort jy ’n stygende lyfrente te oorweeg.
’n Inflasiegekoppelde lyfrente is ’n spesiale tipe gewaarborgde lyfrente wat ’n lewenslange inkomste bied wat gewaarborg word om jaarliks met inflasie toe te neem.
Dit is moontlik om by uitname ’n tweede versekerde by te voeg of ’n seker termyn te kies, soos by ’n gewaarborgde lyfrente.
’n Inflasiegekoppelde lyfrente bied die beste moontlike beskerming van jou finansiële sekuriteit na aftrede,aangesien jy geen risiko dra ten opsigte van inflasie of beleggings of hoe lank jy gaan lewe nie.
Dit is belangrik as jy nie genoeg aftree- of ander voorsiening het om hierdie risiko’s nie self te dra nie.
‘n Bonuslyfrente (ook bekend as ‘n met-winste-lyfrente) waarborg ‘n lewenslange inkomste wat nooit sal afneem nie. Maar die jaarlikse verhogings in die inkomste word egter nie gewaarborg nie.
Die jaarlikse verhogings is gekoppel aan die beleggingsopbrengs op ‘n met-winste-portefeulje.
‘n Met-winsteportefeulje is ‘n gebalanseerde beleggingsportefeulje waarbinne die beleggingsopbrengs reëlmatig versprei word en jaarliks deur middel van bonusse toegevoeg word.
Dit is ‘n gepaste produk indien jy jou potensiële inkomste wil verhoog, en jy genoegsame ander beleggings of inkomste het sodat jy die risiko dat jou inkomste met minder as inflasie kan toeneem, kan bekostig.
Beleggingsgekoppelde pensioen (“Investment Linked Life Annuity” of ILLA) word net aanbeveel vir beleggers met:
‘n aftreevoorsiening groter as R1 miljoen, beduidende addisionele inkomstebronne of lae lewensverwagting as gevolg van swak gesondheid.
Dit bied geen beskerming teen ‘n langer as verwagte lewensduur nie, en die belegger dra self die beleggings- en inflasierisiko.
As jy ‘n belegging in ‘n ILLA oorweeg, is dit raadsaam om ‘n geregistreerde finansiële adviseur wat in beleggings spesialiseer, te raadpleeg.
n Gekombineerde lyfrente bestaan uit ‘n gewaarborgde lyfrente (dit kan inflasiegekoppel wees) en ‘n ILLA.
Die gewaarborgde lyfrente behoort gebruik te word om
genoeg inkomste te voorsien om noodsaaklike uitgawes te dek,
terwyl die ILLA die inkomste aanvul met ‘n meer aanpasbare inkomstestroom.
As die mark laag of onstabiel is, behoort die inkomste wat uit die ILLA onttrek word,
verlaag te word om die kapitaal en toekomstige inkomste te beskerm.
Retirement income options:
It is important that you understand the impact of the option you choose on your post-retirement income stream.
A guaranteed life annuity provides a guaranteed income for life. A second life insured, for example a spouse, can be added at the outset, in which case the income will be paid until the last life insured dies.
It is possible to select for the income to reduce (for example by 50%) at the death of the first life insured.
Generally, income ceases at death, but it is possible to select a term certain at the outset, in which case income will be paid to the life insured’s beneficiaries until the end of the term certain if death occurs within the term certain.
If a 10-year term certain is selected, the income will be paid for at least 10 years.
The income can be a level annuity or increase every year at a fixed percentage (for example 5%).
If you require a product to provide you with your only or main source of income post-retirement, you should consider an increasing guaranteed life annuity.
Inflation Linked Life Annuity
An inflation-linked life annuity is a special type of guaranteed life annuity that provides an income stream that is guaranteed to increase with inflation for the life of the insured.
It is possible to add a second life insured or select a term certain at the outset, as for other guaranteed life annuities.
An inflation-linked life annuity provides the best possible protection for your financial security post-retirement,as you do not carry any risk in terms of longevity, inflation or investment.
A bonus life annuity (also known as a with-profit annuity) provides an income stream for the life of the insured.The annuity income is guaranteed never to decrease, but annual increases in the income are not guaranteed.
Annual increases are linked to the investment returns on a with-profit portfolio.
A with-profit portfolio is a balanced investment portfolio in which the investment return is smoothed and distributed via yearly bonuses.
This is an appropriate product if you wish to increase your potential future income, and you have sufficient other investments or income streams so that you can afford the risk of your income increasing at less than inflation.
An Investment Linked Life Annuity (ILLA) is only recommended for investors with:
retirement proceeds in excess of R1 million, with significant additional sources of post-retirement income or with low life expectancy due to ill-health.
It offers no protection against your living longer than expected and you have to carry both the investment and inflation risk yourself.
If you are considering an investment in an ILLA, you should involve aregistered financial advisor that specialises in investments.
Combined Life Annuity
A combined life annuity consists of a guaranteed (could be inflation-linked) life annuity and an ILLA.
The guaranteed life annuity should be used to provide enough income to cover essential expenses,
with the ILLAsupplementing this with a more flexible income stream.
When the market is low or unstable, the income drawn from the ILLA
should be reduced to protect the capital and future income.
Some important considerations in planning your finances after retirement
1. Longevity is on the increase
Your post-retirement income nowadays has to last much longer because people are living longer. The average life expectancy of men is currently 79 years and that of women 85 years. In deciding between a life annuity and a living annuity, the risk of “living too long” is an important consideration. With a life annuity the assurance company takes the risk that you live longer than expected; with a living annuity, you will need to make provision for this risk.
Your retirement could easily span 20 years or longer. In planning your income after retirement, you need to make provision for your income to increase in line with infl ation each year. If you do not, the purchasing power of your retirement income will be eroded over time.
Historically, medical inflation has been much higher than general inflation. If this trend continues,
Healthcare-related costs, including Medical scheme contributions, will absorb a growing percentage of your income over time.
In planning your income after retirement, you need to allow for:
The expected cost of medical scheme contributions each year
The cost of any medical treatment not covered by your medical scheme
Investors who are considering a living annuity need to bear a few further considerations in mind:
If you select a living annuity rather than a life annuity for your post-retirement income, you have control over the investment strategy to be followed.
Many people make the mistake of following an overly aggressive investment strategy to try and compensate for having an inadequate amount of retirement capital. High volatility of returns from month to month is a negative characteristic for anyone drawing an income on a monthly basis, and can result in a rapid reduction in your retirement capital if market performance is poor.
5. Level of income selected
With a living annuity, you determine the level of income you wish to receive each month within regulated parameters. However, you also bear the risk that your capital runs out while you are still alive, leaving you with no further income thereafter.
Only select a living annuity if you have other sources of income in case your capital runs out prematurely, and do not select an income of more than 7% of the capital amount in the current inflationary environment.
Detailed explanations and examples of all the annuity types:
STANLIB Annuities Guide Booklet (email).pdf
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