Planning for a successful retirement requires that several factors such as your financial position, lifestyle, life expectancy, goals, and treatment /provision for your beneficiaries are reviewed regularly.
For most retirees, ensuring that a spouse or dependants remain financially supported after death is a key consideration.
An often-overlooked consideration remains the correct appointment of beneficiaries on compulsory investments. When you nominated the beneficiary clearly and correctly, they will get access to these investments quickly and liquidity problems can be minimised.
This will also give your beneficiaries choices in relation to the tax treatment of those benefits.
Let Finova assist you to:
Here is a Quick Checklist of items to address:
- Confirm that your beneficiaries are correctly nominated on your Retirement and Living Annuities.
If not, the proceeds may form part of your estate and become liable for estate duty and executor’s fees. - Review your drawdown rate annually to maintain sustainability and tax efficiency.
- Keep records of any disallowed contributions, as they may reduce future taxable income.
- If uncertain, contact your adviser or schedule a consultation with Finova’s advisors for assistance.
