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As South Africa’s population continues to age and living costs rise, financial security and lifestyle planning have never been more critical. The 2025 FNB Retirement Insights Survey reveals that many retirees still face gaps in financial preparedness, estate planning, and health management.
“Retirement isn’t just a milestone”, says Himal Parbhoo, CEO of FNB Cash Investments. “It’s a journey that requires thoughtful preparation. With the right tools, individuals can take ownership of their financial future and make informed decisions with confidence.”
Parbhoo adds that, “We often assume there’s no need to plan but the opposite is true. A well-considered checklist can help you navigate retirement with clarity and peace of mind.”
Your checklist should cover 5 key areas:
- Financial planning – reviewing income sources, maintaining an emergency fund, reduce theboss@theindependent.co.zang debt, and diversifying income streams.
- Legal and estate considerations – updating wills, appointing trusted executors, and ensuring all policies are current.
- Health and wellness – maintaining physical and mental wellbeing, planning for long-term care, and staying socially connected.
- Fraud prevention – recognising scams, securing personal information, and using digital banking safely.
- Lifestyle and legacy planning – balancing enjoyment in retirement with creating a sustainable legacy for loved ones.
“The 2025 FNB Retirement Insights Survey highlights a growing trend among seniors to integrate health and lifestyle considerations into their financial planning,” says Samukelo Zwane, Head of Product at FNB Wealth and Investments. “There’s also a strong demand for digital tools that provide real-time insights and scenario planning. This shift underscores the need for solutions that combine financial security with overall well-being.”
Beyond finances, the checklist emphasizes maintaining health, planning for long-term care, and staying socially connected, while also educating seniors on fraud prevention and digital security. “Retirement planning is not a one-off event—it’s a journey that requires regular reviews and adjustments,” says Parbhoo. “Our goal is to make retirement planning simple, actionable, and holistic. This checklist is a practical tool to help seniors secure their financial future while enjoying the lifestyle they’ve worked hard for.”
Retirement planning checklist
How much income will you have in retirement?
Insight: An average South African will need roughly 75% of their current monthly income to maintain their lifestyle in retirement, which means enough needs to be put away over your working career to ensure a comfortable retirement.
Review all your retirement income sources: retirement annuities, pension or provident fund,
rental property investments and side hustles.
Calculate your monthly retirement budget (groceries, medical aid, transport, etc.)
Check your debt status and aim to reduce or pay it off.
Make sure you have credit life insurance in place.
Estate planning considerations, why it matters so your loved ones are
taken care of when you are no longer around.
Insight: With only 40% of people over the age of 60 years having a signed Will, families often face not just grief but added challenges
in managing a deceased estate. Planning ahead ensures a you have enough liquidity for a seamless deceased estate administration.
Draft or update your Will – Ensure that your wishes are clear and legally protected, if you already have a Will, review it regularly, especially after major life change
Make provision for shortfalls in your estate -calculate all your potential deceased estate related costs and ensure you have cover e.g. life cover in place to manage those costs
Review your estate plan – Check that your beneficiaries, trusts,and property details are up to date.
Ensure all policies are up to date- Make sure your life and funeral cover policies are up to date as well as your beneficiary details
Health and wellness
Maintain or upgrade your medical aid plan and ensure you have gap cover in place to cover medical aid shortfalls.
Schedule regular health check-ups.
Start or continue a physical fitness routine (walking, resistance training).
Plan for potential long-term care needs or support in managing chronic conditions by reviewing your critical illness and disability cover policies.
Many people have been manipulated by fraudsters into risking their
hard-earned investments through misleading tactics.
Insight:Did you know that customers are falling victim of ponzi or pyramid scams, compromising their life savings to up fraudulent schemes with promises of high interest returns.
Promises of high returns with low or no risk – If someone says you’ll make big profits quickly and there’s no chance of losing money, that’s a red flag. Real investments always carry some risk.
Guaranteed income or unrealistic earnings claims – No legitimate business guarantees a steady, large income. Be careful of income charts, testimonials, or lavish lifestyle photos used to convince people.
No proper licensing or regulation – Check if the company or “investment” is registered with financial authorities.Scammers often avoid regulation or give fake registration details.
High-pressure tactics – The perpetrators push you to “join quickly” or say “this opportunity won’t last”, trying to stop you from thinking carefully.
INFO SUPPLIED.