Your retirement planning questions answered
Where and how do I begin?
Whether you're building retirement savings, preparing to retire or planning your retirement income, Retire Strong helps you make informed decisions at every stage.
A living annuity is a retirement income solution that lets you draw income within specified limits from invested retirement savings. The income drawn, performance and time in retirement affect how long it lasts. The Lifespan Linked Income Plan uses a living annuity together with a specially designed fixed annuity to provide income in retirement.
The Lifestyle Linked Income Plan converts savings into income in retirement through a Living Annuity and a specially designed Fixed Annuity. The plan is designed to help support a retirement that may last longer by combining flexibility today with a guaranteed future income component. You will receive a guaranteed future income from the later of age 80 and 15 years after you start. You can also receive income boosts of up to 50% for living well and withdrawing wisely, which increases the income from your living annuity.
The right solution depends on where you are in your retirement journey and your financial goals.
Building savings: a Recurring or Flexible Recurring RA, a Lump-sum RA, Discovery Retirement Optimiser or Discovery Retirement Optimiser | Health
Approaching or in retirement: an income solution such as the Lifespan Linked Income Plan.
Your adviser can help you choose the one that suits your circumstances.
An income plan helps you convert those savings into an income during retirement.
While they serve different purposes, they work together as part of one retirement journey:
- A retirement annuity helps you save for retirement.
- An income plan helps you draw an income once you retire.
Your financial adviser can help you understand how these solutions fit together and which options may be right for your needs.
All our retirement annuities are designed with the ability to remove exit fees at inception through the help of your adviser. Your financial adviser can help you understand the fees, terms and conditions that apply to your chosen solution before you invest.
Life circumstances can change, and some retirement solutions offer flexibility to adjust your contributions. The impact of reducing, pausing or stopping contributions depends on the product rules and may affect your benefits. Your financial adviser can help you understand your options and the potential implications before making a decision.
Benefits in the form of boosts and fee refunds depend on the product rules, eligibility criteria, qualifying behaviour and terms and conditions for the relevant solution.
Longevity risk is the risk of living longer than expected and needing your retirement savings to last for more years.
While living longer is positive, it means your retirement plan may need to support a longer period of income than originally anticipated.
A financial adviser can help you make informed decisions about your retirement based on your personal circumstances, goals and life stage.
An adviser can help you:
- Understand your retirement options
- Choose solutions that align with your needs
- Plan for a sustainable retirement income
- Review the impact of different investment and income strategies
- Adapt your plan as your circumstances change.
The right solution depends on your individual needs, which is why professional advice can play an important role in retirement planning.
Ready to retire strong?
A longer retirement is something to plan for with confidence. Your financial adviser can help you shape a plan that fits your life, at no cost.
Disclaimer
The Discovery Retirement Optimiser | Health is a separate product exclusively available to Discovery Health Medical Scheme members, and is brought to you by Discovery Invest (Pty) Ltd. Participation in, or purchase of this product is completely independent of scheme membership, and becoming a member of the scheme is not conditional upon taking up this product. Discovery Health Medical Scheme, registration number 1125, is an independent non-profit entity governed by the Medical Schemes Act and regulated by the Council for Medical Schemes. This document is meant only as information and should not be taken as financial advice. For tailored financial advice, please contact your financial adviser. Discovery Life Investment Services Pty (Ltd), registration number 2007/005969/07, branded as Discovery Invest, is an authorised financial services provider. All life insurance products are underwritten by Discovery Life Ltd, registration number: 1966/003901/06, a licensed life insurer and an authorised financial services provider and registered credit provider, NCR registration number NCRCP3555. All boosts are offered through the insurer, Discovery Life Limited. The insurer reserves the right to review and change the qualifying requirements for boosts at any time. Product rules and terms and conditions apply.