Step 1:

Try to have your home paid off before you finish working, so that you won’t have that financial burden when you are on pension. Paying off debt is a huge priority at this stage. 

Click here for contact details of financial advisors who can help you with advice to pay off debt before you retire.

Step 2: 

Should the worst happen, your loved ones will receive a death benefit from the Fund. Talk to your family and make sure they understand what they are entitled to, and who to call/where to go/what to do if you are no longer around. It’s not an easy discussion, but it is a necessary one. Rather help them now, while you can, and leave a legacy of love and good memories.

Visit the BENEFITS menu item above.

Step 3:

Talk to your financial planner and if you do not have enough retirement savings, now is the time to contribute more to your nest egg. As much as you can to meet your retirement objectives.  Hopefully, you’re in a more secure financial position now that some of the kids are maturing out of the house, and so making additional contributions is a real possibility. 

Don’t let anything get in the way of a comfortable retirement. 

Read about your contributions and speak to a financial advisor to find out whether you are still on your way to a comfortable retirement (see the details below)

Click here to read about your contributions.

Step 4:

It’s likely that your kids have now left the house. By updating your Nomination of Beneficiary Form and your Funeral Nomination form, you can ensure that your loved ones who are still financially dependent on you will be cared for in the event of your death. This may not be a pleasant topic to think about, but it is a very important one. Don’t let them down – they will need your support.

Update your Nomination of Beneficiary Form and your Funeral Nomination form whenever you get married, divorced or get a child  (very important)

Step 5: 

Make sure your savings are in the right portfolio so that you don’t lose out at this late stage.  Ensure you are on the right track by checking in with your financial advisor to plan for your final years to retirement. Time is short and you need to be sure that you have enough saved to enjoy a comfortable retirement. 

Read up about the Fund investments and complete your Investment Option Form if you need to switch to a different portfolio.  If you do not complete this form, you will stay invested where you are.

Please note:  before you decide to choose an investment portfolio, please speak to a financial advisor.  See the details below.

Click here to read more about the Fund Investments.

Step 6: 

Login to the Secure Member Portal to see your own values and how your Fund Accumulated Credit has grown over the years and match that with the objectives set by your financial advisor.

Step 7: 

Start discussing your pension options with your financial advisor, who will help you choose the best annuity for your needs one day and ensure that your financial plan is in line with your choice of annuity.  Get help and advice to help you in this last stretch on your journey to retirement and understand your benefits.

Please note: If you are considering early retirement, discuss that with your financial advisor and make sure you are aware of all the pitfalls of retiring early. There are some very important risks to consider first, to ensure that you live comfortably through your golden years.

Click here for contact details of financial advisors and benefits counsellors

Step 8:

Stay on top of what is happening in the Fund

Click here to read important communication from the Fund.

And just for fun!

Become financially savvy and grow your wealth by playing our fun simulation

Click here to read short, interesting articles on how to become financially savvy

Click here to play our LivFin$mart Simulation