As retirement approaches, many people find themselves grappling with the reality of their financial plans – or lack thereof.
In the latest
Retirement Reimagined episode, host Maya Fisher-French and Sizwe Nxedlana, CEO of FNB Private Segment explore the increasing trend of individuals pursuing second careers or side businesses as part of their retirement strategy. With many people finding themselves in a position where they need to maintain their lifestyle post-retirement, the idea of working longer or starting a new venture is becoming more appealing.
Retirement Readiness and Challenges
A staggering 90% of respondents indicated they feel unprepared for retirement. Maya and Sizwe discuss the implications of this statistic, examining the financial pressures that lead many to work longer, including lifestyle inflation and the need to maintain a certain standard of living. They emphasise that for affluent individuals, the challenge of retiring comfortably often stems from high expectations and insufficient savings.
Second Careers and Side Businesses
The conversation shifts to the growing importance of second careers and side businesses as integral components of retirement planning. Sizwe highlights how improved health outcomes and changing corporate norms are allowing people to remain in the workforce longer, while also exploring how entrepreneurship can provide an alternative path to financial security in retirement.
Financial Literacy and Planning
Maya and Sizwe stress the significance of financial literacy and proactive planning. They urge listeners to engage with their retirement benefits, understand their company’s retirement policies, and seek professional advice early in their careers. The episode underscores that effective retirement planning is not merely about accumulating wealth but also about making informed decisions that align with long-term goals.
For more information on the retirement survey,
click this link. Don't miss the next episode, where Maya will discuss how much you truly need to retire comfortably.