No Checklist Yes No Action
1 Have you recently worked out what you will have to live on when you retire?     If no please do so immediately. Economic conditions can change and you don’t want any unpleasant surprises. You will need to work with your financial advisor to get realistic quotes on what products are offered and what income they will provide. This will include looking at your own policies and investments as well.
If yes. Excellent.
2 Is it enough to retire on?     If no, have you got plans in place to make up the income shortfall? Or you may consider working longer in order to improve your prospects at retirement.
If yes. OK.
3 Is your family supportive of your retirement now?     If no, you may need to do some more talking with them and reconsider retirement at this stage.
If yes. Fine.
4 Have you agreed a retirement date with your School?     If no and you do intend to go early you should make sure that you part on good terms and that means talking to the School.
If yes, fine.
5 Are your Income Tax affairs in order?     If no, contact SARS and see what you need to do to ensure that your retirement goes through without being held up by SARS if they have a problem with your tax.
If yes. Great.
6 Have you considered what you will do to keep active after retirement?     If no, now is a good time to think about it even if you are going to work for a while after retirement.
If yes, you are one organised person!
7 Have you completed your application for retirement?     If no, make sure that you do this in good time to ensure that your money from the fund are transferred to the right investments as soon after retirement as possible.
If yes, you really are well prepared aren’t you?

Also please make sure that any retirement product offered to you by your financial advisor provides you with the ability to keep up with inflation. This is important because a pension that looks good when you retire may be a problem later if it can’t keep up with inflation. Remember that medical costs go up every year and your pension should be large enough to ensure that you can afford a medical aid when you need it most.

The latest Old Mutual Survey found that after several years in retirement as many as 75% of pensioners found their standard of living dropping because their pensions didn’t keep up with inflation.


If you scored 4 or more yeses out of 7 (including 1 and 2 and 5) you should congratulate yourself but check on any that you didn’t get a yes for to see if you should do more.

If you scored less, please take this as a timely reminder to sort these matters out.