MONEY CLINIC: I have R7m in my retirement fund, which would be the best way to invest? | Fin24
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MONEY CLINIC: I have R7m in my retirement fund, which would be the best way to invest?

Jan 18 2020 07:00

A Fin24 user wants to know the best way to invest his R7m retirement fund. He asks: 

I have around R7m in my retirement fund. What will be best option, taking a Life Annuity (around R40k fix amount per month for life) or moving my fund to an private financial advisor?

Elian Wiener, finance and investment expert and founder of Wealthwoke responds: 

When it comes to making decisions on finances and investments, particularly around retirement, each person's situation is unique.

Before deciding which products to buy, you need to consider a number of factors including: your entire investment portfolio (not just your retirement annuity), other assets such as property, your expected living expenses, health, debts, future obligations, family situation and risk appetite.

In addition, R7m is quite a significant sum, so it's probably worth spending some money to ensure you make the best possible decisions. As such, I would definitely recommend engaging with an independent financial advisor who can put together a proper financial plan for you that accounts for all these factors. The advisor can also provide you with various product options to ensure you get the best value for money.

Finally, the advisor should meet with you regularly to ensure you remain on track with your finances in retirement. Make sure you are comfortable with the advisor you select - preferably one that comes highly recommended and is conscious of fees.

Compiled by Allison Jeftha. 

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retirement  |  money  |  money clinic


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