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Personal Finance

Retirement in 12 Steps

Think and plan for the long term by devising simple, achievable steps.

Bryan Hirsch




Human beings, it is said, are distinguished from other species by our ability to think. While this may be true, it is also true that most of us have difficulty thinking about the long term and preparing for it.

We are all caught up in the daily ‘thick and thin of things’.  In this way we carry with us the immediacy of our animal cousins. Thinking in advance, and acting on these thoughts, are keys to being ready for the future when it turns inexorably into the present.

The younger you are, the more distant retirement seems – and the more power you have to prepare financially for this time. Some of the important questions we should ask ourselves are how much will I need for my retirement in order to live comfortably? What are my goals? When should I start? What should I do? What expenses might I have once I have retired?

Start preparing for retirement today

We often wait too long to ask these questions. They may surface dimly on occasion, in a remote and dusty corner of the mind. In preparation for that comfortable retirement you should consider the following 12 steps.

  1. Recognise that retirement is more than choosing a date to do so.
  2. Determine what it will take and how to get there.
  3. Know how your job/profession contributes to your retirement needs.
  4. Recognise when to use tax deferred savings and when not to.
  5. Invest for the future and into the future.
  6. Be aware of the impact of working during retirement.
  7. Recognise that your home is a lifestyle asset and is unlikely to produce income.
  8. Remember that taxes do continue after you retire.
  9. Determine how you will receive retirement plan benefits.
  10. Ensure your hard earned wealth stays in the family.
  11. Examine your insurance needs, particularly medical cover.

And what about step 12?

This is the step of utmost importance, the one that, if forgotten, condemns us to a life of never ending work.

Here it is: step 12 a)
When all else fails, repeat steps 1 – 11.

Why do I say this?  Because plans are just that – plans. Outside influences over which one has no control can easily destroy them.

Be prepared

As the two-handed investment analyst says ‘on the other hand’, your plan may not fail, it may work wonderfully.

However, the first 11 steps deal primarily with money issues.  They fail to address those facets of retired life that have little to do with finances.

So, let us look at step 12 b)

Reflect on personal issues of retirement.

Think about it. You know what they are. When you no longer work, you have plenty of time to fill. When the golf or bowls games become boring, what will take their place?

During our working lives we have many social contacts with our co-workers. Who will take their place to satisfy our basic human needs for companionship and social interaction?

One thing is certain: a couple, no matter how devoted to each other, cannot spend 24 hours a day, day after day, in the exclusive company of one another. Both need outside interests and companions.

Quality of life

There are other quality of life issues such as housing and its location, physical health maintenance, availability of community services, both volunteer and paid work, educational interests and leisure pursuits.

These issues will define our life and happiness during retirement.  Money is the tool that keeps us physically comfortable but these are factors that make us who we are.  They determine how we live and behave.  Statistics show an increase in longevity so we are likely to spend at least one third or more of our lives in retirement.

Retirement is that time of life at which we have gained sufficient experience to lose our job.  Put another way, we want to reach the stage where having worked all our lives to make money we want our money to work for us.

BRYAN HIRSCH has been in the financial services industry for 47 years and is a director of Bryan Hirsch Colley & Associates. He has written two books, the first Bryan Hirsch’s Guide to Personal Finance and more recently, Steps to Financial Freedom. Bryan has written for many of South Africa’s top financial and business publications, has been a weekly guest on Radio SAFM for 18 years, and has his own weekly TV show You & Your Money on Summit TV.

Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.



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If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.

So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.

Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.

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Personal Finance

4 Ways To Become A Millionaire Even When You Start With Little

It costs nothing to take advantage of the limitless opportunities online.

Timothy Sykes




The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.

1. First focus on learning, not big gain

Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.

2. You can learn loads about any topic online


I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago.

Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials. Set some time aside every day to learn something online. It could be a video series or a favorite blog.

When you get into the habit of learning regularly you’ll find that you advance much faster.

3. Focus on the niche you love

These days you can learn about anything and target the niche you’re passionate about.

This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.

You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.

4. Prove your expertise by creating free content

Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.

Related: How To Become A Millionaire, Explained In 1 Minute

It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.

You can do lots with a little

The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.

Combine everything together and you can accomplish anything.

This article was originally posted here on

Related: 13 Habits Of Self-Made Millionaires You Could Adopt Today

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Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands



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Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

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