On the 18th of August 2021, the Minister of Social Development, Lindiwe Zulu, published The Green Paper On Comprehensive Social Security And Retirement Reform (2021). It sets out the Government’s proposal for a mandatory, comprehensive retirement and social security system. 13 days later, on the 31st of August 2021, the Minister withdrew the controversial document without saying why.
It pains me to have to write this. I hope it will bring some hope to some of my clients and, to others, a sober warning about why not having insurance or going the self-insurance route may not be wise. Obviously, the loss of possessions is distressing, but these are material things and can be replaced. What causes me more distress is what the events leading up to the unprecedented looting and destruction will mean in the longer-term in terms of the disruption of people’s lives and the businesses involved.
FNB sent me a reminder to be careful about scams and what I should do if I encounter them. I am always grateful for their sustained efforts to combat these. It is sad that I have to write so often about them. They have become so common place, that people joke about the Nigerian General that is trying to overthrow the Government and needs your help whilst offering you handsome rewards.
It is true – the country has been down-graded by the last remaining ratings agency, Moody’s, that thought South Africa was worth investing in – somewhat. It would be really bad news, if we don’t take into consideration that the whole world is facing two crises. We are all battling the COVID-19 virus and markets are volatile everywhere.
Most women take on the role of caretaker in their family unit. This makes them more inclined to tend to everyone else and their needs first. Often to the detriment of their own.
One area that sees the most neglect is financial planning. When analysing a married couple’s Financial Needs (FNA), a good financial planner will work on the assumption that the marriage will end, whether because of death or divorce. Both these outcomes must be taken into consideration. Unfortunately, the female often comes off as second best. Continue reading “Financial Planning for Women”
Having had worked her whole life, Denise was excited about finally closing a big chapter of her life, and looked forward to her retirement in five years’ time. She looked forward to sleeping late and having more time to visit her friends.
Like many things in life, our financial situations are often unpredictable. Unexpected events, illness, and changes in your career could send shockwaves through your monthly budget – but there are ways to prepare for financial challenges and see them through.
Here are five of the most common financial challenges you may face, and some strategies for overcoming them. Continue reading “The 5 most common financial challenges – and how to overcome them”
As we get older, our risk of illness and disability increases – it’s one of the hard facts of life. As medical science improves year on year, our chances of living longer are constantly increasing, along with the cost of healthcare – this makes it crucially important to understand how every person’s risk profile changes as they get older. Let’s find out more. Continue reading “Your Risk Profile – Decade by Decade”
If you read our blog regularly, you’ll know how much emphasis Northwood places on risk insurance for our clients – but how many people really claim on their risk cover? The figures may surprise you. Continue reading “Inside SA’s Risk Insurance Claims”
A surprising number of people will spend hours planning their savings and investments – to provide security for themselves and their families later in life – without taking the time to draft a last will and testament. There is no doubt that dying without a will in South Africa is the one sure way to put your family’s financial security at risk, but many of us still play Russian roulette with our family finances despite the risks involved – here are four reasons why every person should have a will. Continue reading “3 Reasons Why Everyone Should Have a Will”