Practical steps towards a stress-free retirement
- Lirette Louw Bezuidenhout
- Aug 25
- 3 min read
In our immediate family, we approached my parents’ impending retirement as a joint family adventure. Here, I recap some practical steps we took as a family to make the transition easier and less stressful.
Create a to-do list for retirement
Each family is of course unique, but even if this article is not applicable to your situation there might be someone else that you know of who could benefit from our experiences.
In this article, I focus on the first list we made, which was entitled “Priority list for a stress-free retirement”.
This is ideally a list you start making early on with a specific retirement date in mind. Again, it will depend greatly on your personal financial and family dynamics, but the basics remain the same whether you are sitting pretty or not.
List of steps to take:
1 - Deal with outstanding debt
This involved a step-by-step plan, with a specific end date in mind, for down payments on outstanding short and long-term debt ranging from credit card debt to overdrafts to bank loans.
It is a practical plan where down payments are worked out monthly or involving the sale of goods or property.
An auction to down scale for instance is a good way to get rid of unnecessary items, whilst cashing in on its monetary value. (In a later article, I will write more about the rewards to enjoy cleaning house the Marie Kondo way). For instance, do you really need more than one vehicle post-retirement?
2 - Consolidation of your bank accounts
Is it necessary or more to the point affordable to have more than one account at different banking institutions?
Which Bank offers the services you need with the least costs involved?
Weigh up debit order costs, banking fees, ATM withdrawal fees etc.
Close unnecessary bank accounts.
On our website we highlight deals featured by South African banks specifically designed for seniors aged 55 and above. Again, this will depend on your personal circumstances and preferences.
3 - Reconsider the need for store cards
Do you see benefits, post-retirement, in retaining store cards that allow you to buy now and pay back later, with added interest?
4 - Take stock of debit orders/deductions
Go through your bank statements with a fine comb.
Check if you do not have unnecessary deductions for items you no longer require or expenses you cannot even remember signing up to.
Stop unnecessary debit orders / subscriptions and remain only with those necessary for a stress-free retirement.
5 - Budget planning
Finally, having taken the steps above, draw up a monthly pre- and post-retirement budget and see how the reality of income and expenses will change and plan accordingly by making the necessary adjustments.
The only way to take the stress away from planning for the unknown is by sitting down and doing the planning. Be it as a family or as an individual or with a financial adviser.
I cannot guarantee that you will feel better seeing the numbers or reality in black on white, but from experience I can tell you that knowing what you are facing and taking practical steps in dealing with it makes the journey so much better.
All the best
Lirette
Co-founder, PensionersPayLess!
Lirette is a co-founder of PensionersPayLess! and the heart behind its mission to help South Africa's over-55s enjoy life to the fullest. Backed by a Doctorate of Law and two master’s degrees, she combines legal know-how with a passion for practical advice. Lirette writes about topics that she believes will appeal to a wide audience and which mostly relate back to her personal experiences, be it making plans for retirement with her parents, balancing a household budget or enjoying a good meal or holiday.
