One year before your retirement: This is your ultimate checklist

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Even if you are looking forward to the end of your working life, the idea of retirement can be daunting.
One year before your retirement: This is your ultimate checklist

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There is often an instinctive fear of moving into a stage of life where you may end up consuming your capital, as well as anxieties about a diminishing lifestyle. Like most challenges in life, preparation is key, says Asavela Gwele, Client Relationship Associate at 10X Investments. Here, she outlines a pre-retirement checklist that will help you make sure you're on track. Refine your budget Your financial situation will most likely change during retirement so it's important to have a clear and defined budget. Before retirement, it was up to you to build a savings pot to fund the lifestyle you wanted in retirement. Once you retire, you will need to deal with what you have and adjust your lifestyle to what you can afford. Work-related expenses, such as travelling and office attire, will fade away, but your spending might increase in other areas, such as medical expenses. By refining your budget in advance, you will have a better idea of how to manage your money during retirement, instead of allowing it to control you. A few things to think about:

Calculate a sustainable income that will last your retirement years by consulting an appropriate retirement planning tool, such as the 10X Living Annuity Calculator, or speaking to your financial advisor

Bear in mind that your expenses will change in retirement

You should consider making some changes before they are forced on you, such as trading in your fancy wheels for a more affordable vehicle, or downsizing to a smaller home.

Understand your healthcare plan

The reality of ageing can be daunting, especially when considering factors such as medical aid costs and healthcare needs. Remember: Getting old is a privilege denied to many.

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