Now it's possible to achieve your best possible retirement
Now it's possible to achieve your best possible retirement, thanks to MyRetirement Solution from Nedgroup Investments
If you're like most South Africans, the lump sum savings benefit you are set to receive from your retirement fund will probably be the largest single amount of money that you will ever have at your disposal in your life. And when you consider that the decisions you make regarding that lump sum of money will determine your quality of life and financial security during your retirement years, it's no wonder so many people approaching retirement have sleepless nights about what the best post-retirement choices are for them.
The good news is that Nedgroup Investments now offers South Africans who are approaching retirement, or who are already retired, a solution to this age-old dilemma. It's called MyRetirement Solution and, as its name implies, it provides you with a simple, effective and highly customised way of making the very best retirement investment decisions.
MyRetirement Solution is the first retirement investment planning offering of its kind in South Africa and, according to Quaniet Richards, Head of Institutional Business at Nedgroup Investments, the value of the solution lies in its holistic approach, which is built on three vital retirement decision-making pillars that the bank identified through extensive research.
"The process of developing MyRetirement Solution saw Nedgroup Investments conducting in-depth research and testing with large numbers of South Africans from all walks of life," Richards explains, "and what emerged from our findings is that the majority of people share three key needs when it comes to making decisions about their retirement investments, namely expert guidance, a choice of innovative investment options, and an opportunity to devise a unique, personalised retirement plan that works best for them."
MyRetirement Solution delivers on all three counts, thanks to its three-pronged approach built around on personalised retirement coaching and advice, digital retirement plan modelling, and innovative annuity products.
According to Richards, all three of these pillars making up the MyRetirement Solution offering were developed and integrated into the product based on the clear needs identified by Nedgroup Investments' extensive research. "One of the first things that became very obvious to us is that people have significant fears and concerns about whether they will be able to make the right decisions about investing their retirement benefit," he explains, "and most really want to be able to speak to a trusted expert about their options."
For this reason, access to a dedicated and experienced retirement coach is at the heart of the MyRetirement Solutions offering, with experienced and successful retirees as well as accredited financial planners available to partner with people on their retirement journey, from when they need to start considering their at-retirement investment, right through their post-retirement years.
Then, to help pre-retirees develop the best investment plans for their unique needs and expectations, this lifetime one-on-one retirement support is augmented by a world-class digital retirement modelling tool, which allows MyRetirement Solution clients to do full needs analyses, test their existing retirement thinking, and develop a clear and comprehensive retirement action plan.
"The retirement planning tool was a real eye-opener for the majority of people who participated in our product testing, "Richards explains, "with all saying that it provided them with a level of clarity and insight into what they needed to do in order to maximise their chances of experiencing the retirement they desire."
The final pillar of the MyRetirement Solution offering is a selection of appropriate at-retirement annuity options that allow retirees to give effect to their well-considered retirement plans. In addition to a living and life annuity option, MyRetirement Solution also offers the innovative new Living Annuity Plus solution. "Designed to address the most typical concerns and limitations of traditional annuities, Living Annuity Plus effectively gives retirees the best of both worlds," Richards explains, "by providing longevity protection while still allowing annuitants to select their income, and enabling provision for an inheritance."
Richards points out that a key consideration when creating the MyRetirement Solutions was the need to keep costs as low as possible in order to maximise the amount of members' savings that can be applied to provide them with an income. "We know that when it comes to securing the best possible income in retirement, every cent you can invest makes a difference," he explains, "which is why we have kept the effective annual cost (EAC) of the retirement annuities well below the industry average for similar products."
According to Richards, MyRetirement Solution also reflects the commitment of Nedgroup Investments to go beyond compliance with retirement regulations and deliver valuable support exactly when and where South Africans need it on their retirement journeys. "The retirement regulations require funds to provide retirement benefit counselling and annuity options to their members," he says, "with MyRetirement Solution, they are able to go even further, by giving their members the benefit of a post-retirement solution for life, that combines the human touch with user-friendly technology and a proven annuity product - all designed to empower them to achieve the retirement they deserve."