Retiring Soon? 10 questions to ask before you draw a single rand

Retirement isn’t just about stopping work - it’s about starting the next chapter of your life with clarity, confidence, and control. But before you draw a single rand from your retirement savings, you need to pause and ask the right questions.

Because once you start drawing income, mistakes can compound quickly.

As retirement planners, we’ve seen the difference between those who take the time to plan - and those who simply react. Here are 10 critical questions to help you transition smoothly and make smarter choices in your golden years.

1. Do I Know What I’m Really Spending?

Many people underestimate their post-retirement expenses. Have you accounted for:

• Medical aid and gap cover?

• Groceries, petrol, security, and insurance?

• Travel, hobbies, and grandchildren?

A clear, realistic budget is the foundation of a sustainable retirement plan. Start there.

2. What Are My Guaranteed and Non-Guaranteed Income Sources?

In retirement, your income may come from a mix of sources:

• A living annuity that varies with the market

• A life annuity that offers stable, guaranteed income

• Rental property, dividends, offshore income, or discretionary investments

Some income streams are more secure than others. It’s important to balance reliability with growth potential.

3. Have I Considered the Tax Implications of My Drawdown Strategy?

Not all income is taxed the same. Drawing from a living annuity, discretionary investment, or offshore structure has very different tax consequences. The order and amount of withdrawals can dramatically affect your tax bill and your portfolio’s longevity. Smart structuring could mean thousands - or even hundreds of thousands - saved in tax over time.

4. Where Am I Going to Live - and Will It Still Suit Me in 10 or 20 Years?

Your home may be comfortable now, but will it still serve you as you age?

• Is it safe, accessible, and manageable?

• Do you want to stay where you are, downsize, or move to a retirement village?

• Have you budgeted for future care needs or the possibility of assisted living?

Housing is often your largest asset and your biggest lifestyle decision. Make it with foresight, not just familiarity.

5. Is My Investment Strategy Aligned to My Withdrawal Plan?

If you’re drawing income monthly, the money you need in the short term shouldn’t be sitting in volatile, long-term growth assets. Matching your investments to your withdrawal timeline helps protect you from selling during market dips. Think:

• Short-term = income funds and money markets

• Long-term = equities and offshore growth assets

6. Do I Have an Emergency Fund in Place?

Yes, even in retirement. Unexpected medical expenses, car repairs, or home maintenance don’t go away. Keep 3–6 months of expenses in a separate, liquid account. This avoids tapping into your main portfolio during a market downturn - which can permanently reduce your future income.

7. Have I Stress-Tested My Plan?

What if inflation rises faster than expected? What if your investments underperform for a few years? What if you live to 95 instead of 85?

A good retirement plan runs these scenarios. Stress-testing isn’t about fear - it’s about resilience.

8. What Happens When My Spouse or I Pass Away?

In most couples, one partner handles the finances.

• Will the surviving spouse know how to access income?

• Are the beneficiaries on your investments up to date?

• Have you ensured your living annuity and offshore accounts won’t be frozen unnecessarily?

Retirement planning must include estate planning. Because while income matters now, access matters later.

9. Am I Getting Advice From a Qualified Financial Planner?

The decisions you make at retirement will affect the next 30+ years. You don’t want product advice - you want a comprehensive strategy. A Certified Financial Planner® can help you structure your income, minimize tax, protect your capital, and give you confidence.

10. What Does Retirement Mean to Me?

This question has nothing to do with numbers - and everything to do with purpose. What will you do with your time? What gives you meaning, joy, and connection? Financial security is important, but a fulfilling life requires more than just money. Start building the life you want - not just the portfolio you need.

Final Thoughts

You’ve spent decades building up your retirement nest egg. Now it’s time to make it work for you - wisely, tax-efficiently, and with purpose.

But the worst thing you can do? Rush. Ask the right questions. Get the right advice. And make sure every rand you draw helps you live the life you’ve worked so hard to create.