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Age 50-59 years

For most people in their 50s, retirement is very close. By now you may have paid off all your liabilities (like a home loan) and may be free of most financial commitments. Your children may also be settled or may be on the verge of financial independence.

You want to ensure that you can afford a comfortable retirement and transfer your assets in a tax efficient way to your dependants. Many of you may use this opportunity to travel or for other recreational activities and self education.

Have you...?
Yes
No
Not sure
1. Considered last minute pension planning
2. Checked the level of income you need when you give up work and checked the coverage that your present savings/pension gives you against that
3. Reviewed your short-term and long-term investments which investments are maturing, where can they be redeployed, what your tax liability might be
4. Reviewed your matured insurance policies and if your insurance coverage is inadequate
5. Extended your life insurance to cover the remainder of your life
6. Analyzed the opportunity to repay your home loan early
7. Updated your will for additional assets you have and as well as for additional beneficiaries and dependants
8. Taken steps to reduce your tax, including inheritance tax
9. Maintained adequate health insurance and coverage at a time when most insurance companies will charge you a higher premium because of your age and risk
10. Planned for sufficient liquidity for lump sum needs related to your children’s education and wedding
 
     
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