Publications
Partners
Fin24 user GvW says he is fighting a losing battle against his biggest enemy, inflation. He writes:
I am an 82-year-old pensioner with a working life of more than 45 years prior to forced retirement at 65.
During this period I raised three children and paid off the last instalments on a property upon retirement.
Like a responsible citizen I also took steps to provide for retirement by means of a pension fund, medical aid and annuities, only to find that all these efforts were rendered fruitless by my biggest enemy - inflation.
As the result of poor service by my municipality, I landed into debt of over R17 000 in property rates and taxes and I simply do not have the means to settle this, bar selling the property which took me a lifetime to acquire.
Consequently I have now joined the new struggle - the struggle to survive. This entails sticking to a strict budget, cutting expenses to the bone even to the extent of essentials such as clothing and insurance.
Despite this inflation has surpassed my income and I am fast moving into poverty despite all my efforts.
I now belatedly realise that in providing for retirement I should have invested money into instruments that render a steady income that keeps pace with inflation and this is what I preach to as many working people I meet.
* Any constructive advice for GvW? Leave a message in the comments box below or send us an email.
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
I am an 82-year-old pensioner with a working life of more than 45 years prior to forced retirement at 65.
During this period I raised three children and paid off the last instalments on a property upon retirement.
Like a responsible citizen I also took steps to provide for retirement by means of a pension fund, medical aid and annuities, only to find that all these efforts were rendered fruitless by my biggest enemy - inflation.
As the result of poor service by my municipality, I landed into debt of over R17 000 in property rates and taxes and I simply do not have the means to settle this, bar selling the property which took me a lifetime to acquire.
Consequently I have now joined the new struggle - the struggle to survive. This entails sticking to a strict budget, cutting expenses to the bone even to the extent of essentials such as clothing and insurance.
Despite this inflation has surpassed my income and I am fast moving into poverty despite all my efforts.
I now belatedly realise that in providing for retirement I should have invested money into instruments that render a steady income that keeps pace with inflation and this is what I preach to as many working people I meet.
* Any constructive advice for GvW? Leave a message in the comments box below or send us an email.
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
