South Africa: Making difficult decisions during difficult times
South Africa, and indeed the entire world, is finding itself in an unprecedented situation of having to deal with a pandemic that is causing havoc in all spheres of life where the “new normal” changes on a daily basis. The challenges are not limited to our physical health, but our emotional and financial well-being is also taking severe strain.
With lockdown restrictions being reduced, the economic activity is slowly coming out of hibernation in most industries. But I suspect that there are still many who will not be able to return to work. Some of these individuals will not just temporarily lose part of their income, but may eventually be unemployed in cases where employers are unable to survive this crisis.
As if it is not already difficult enough to make ends meet from one day to the next, one should at same time also consider how this will change your longer-term retirement plans. The question is how can you possibly meet your immediate financial needs while also keeping an eye on retirement planning?
Read the full article here.