PENSIONERS

The days are gone that we can take our pension after many years of service and hope to have a decent lifestyle. The pension fraternity did not keep up with the times and left it up to us to look after our pension. Most people do not like to increase their pension deductions nor do they want to take extra precautions because it costs money and to make ends meet they believe they do not earn enough to make the extra contribution. Pension, on the other hand, seems a lifetime away and in their heads, they believe they will have enough time to make provision for their old age. What a fallacy because most pensioners retire with less income than their bills required. This entails that many sell their houses if they made provision for that, to move to circumstances where they live a mundane life just to survive. Some even land in impoverished circumstances where they look in the eyes of the state or others to help them to survive. There are a few golden rules to follow to ensure that the pension assists you to live an ordinary life.
One it is never too early to make provision for your old age.
Talk to an expert and ensure that enough money is put aside to cover for your old age.
The argument I do not have enough income to cover more is a fallacy because what happens if the state decides you have to pay to say R200 more for tax each month. One just adjusts your lifestyle to accommodate the R200.
Remember when you are on pension there is no more increases, no bonus, and no overtime if something urgent crop up.
Replace all your very old appliances, like a washing machine, tumble dryer, fridge, freezer and all the appliances which are very old. If you bought a fridge for R3000 rand when you are young you will probably have to replace it at R10000 or more.
Do not use your house as collateral for your old age, because you will need a decent place to stay and if you have to move to an old age home you are in a position to sell and buy a decent place in an old age home.
I gave a motivation speech the other day at an old age home where the inhabitants live from day to day and circumstances were very bad and poor. You could sense there is no money and the inhabitants are dependant on children and contributions.
Now if you do not prepare properly that is what will happen to you.