Better late than never: starting an investment strategy
Any proposed strategy should be built around budget requirements and life expectancy, and all unnecessary expenses should be trimmed
Q: I am 72 years old. Due to life’s difficult circumstances I used up all my life’s savings bar one last investment. Now I must figure out how to make the most of it. All I have is my house which I can sell for R2.5m. A small portion of the mortgage, R400,000, which I rebonded a few years ago needs to be settled. There won’t be agents’ fees as this will be my last sale as an estate agent. Please advise how I should use the remaining R2m, considering I need a place to live. Should I buy a small unit cash and invest in a living or life annuity? What can I do to make the admittedly way too small amount of money stretch as far as possible? I’ve been told that even at my age, I must find a small job for some extra money. Concerned, Johannesburg via e-mail asks.
PODCAST: Listen to more commentary on the topic.
BL Premium
This article is reserved for our subscribers.
A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
Already subscribed? Simply sign in below.
Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now