Retirement Funds are required to provide Retirement Benefits Counselling to their members.
Although what “Retirement Benefits Counselling” comprises is still the subject of debate and interpretation, members of Retirement Funds that are administered by RISE will have automatic access to our RISE Retirement Counselling Service comprising, initially, an online interface with RISE (free) and thereafter, if required, referral to a FAIS accredited Financial Planner.
We believe that members should start planning and saving for retirement as early as possible, and not only when they are a defined number of years away from normal retirement. They should also have access to the necessary facts that will likely impact retirement aspirations having regard to their circumstances so they are able to plan and save on an informed basis.
Our RISE Retirement Counselling Service covers, amongst others, the following essential factors when planning and saving for retirement:
• The fund credit size
• The effect of debt
• Life expectancy
• Available pre-retirement top up savings options
• Available post-retirement investment options
• The impact of owning your home by the time your reach retirement age
• The cost of post-retirement medical care, having regard to the trend that medical inflation runs higher than ordinary inflation
Every member with access to the RISE Platform is able to monitor his or her contractual (fund) and discretionary (personal) savings progress on-line, making it easy to assess and consider financial readiness for retirement at any point in time.