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2-minute health check for corporate fund members

A 2-minute financial health check before 2022 gets into full swing

As we all wipe off the last grains of sand, real or imagined, and tackle our email inboxes or strap on our tool belts, Khwezi Jackson of 10X Investments suggests there is no better time to do a quick personal finance health-check.

Most of us have returned to work with great intentions to be our best selves during the next 12 months. The danger is that our personal goals will be forgotten quickly as we find ourselves caught between the rock of unfinished work from last year and the hard place of a boss with big plans for the year ahead.

“Why not take a moment to check up on (and perhaps adjust) a few key things that will set you up for success well beyond 2022,” says Jackson, who is an Employee Benefit Consultant at 10X.

He adds that this is particularly relevant for those who tend to leave their finances to “manage themselves” during the year, for example leaving retirement planning up to their employer.

“It is great if you are one of the lucky ones whose employer gives access to a retirement saving fund, but you should at least check in every now and then to see how things are going. It is your money and your retirement after all.”

Jackson suggests asking yourself the question: Am I doing my part, for example am I saving enough?

Also, he says, fund members should ask if their fund has performed as well as expected these last, crazy years.

“Things change, as we all know, and adjustments may be required to keep those plans for a comfortable and stress-free retirement on track. (If you don’t already have a retirement plan that you can check your progress against, you can create one on the 10X website,” he says.

You could also start by sending your HR representative a short mail saying hi and happy new year, and checking in on your retirement plan. Here is a suggestion to get you going:

Dear XXX

Happy New Year! I hope you and your loved ones had a happy and peaceful break. I would also like to wish you all the best for a great 2022.

I am starting my working year by doing a check-up on my personal finances, and would like to know please:

What percentage of my salary is being contributed towards my retirement benefits?

How can I monitor the fund’s performance?