Future-proof your retirement
There are many things that you need to take into account when approaching retirement, including settling debt and calculating how much you will need as income in retirement. When you do your retirement planning, also budget for technology so you can stay connected at all times. This includes having the right hardware and data in place, and planning for upgrades in the future as technology improves.
Covid-19 has changed the way companies communicate with their clients. If you are not keeping up with technology, it might become increasingly difficult to connect to your bank as well as your retirement investments in the future. Staying connected is becoming even more important especially with the closure of most Post Offices and the replacement of papers with digital information.
Technology will not only help you during retirement, but also when you’re building up your retirement fund savings. It can help you to keep track of your spending habits, while giving you access to information on options and potential cost savings through instant comparisons.
Although it is not yet possible to track everything, having access to personalised advice can make a big difference.
Consumers have access to a lot more information to help them reach their retirement targets and can’t plead ignorance or a lack of information anymore. The good news is that you definitely don’t have to do it alone. A financial adviser can provide you with the latest information that’s relevant and suitable to your situation.
The type of technology you should consider for retirement
You should have a personal email address. Start changing your subscriptions and login details as soon as possible so that no private emails go to your work email address when you retire.
Smartphone
If you don’t want to pay for a desktop or laptop, a smartphone is essential. You can use your smartphone to access your electronic statements and emails as well as transact with your bank. You can even set up additional security measures like facial recognition and two-factor authentication to protect your funds. A smartphone will also allow you to access chat apps so you can keep in touch with family and friends, and entertainment.
Laptop or desktop computer
Some people prefer to use a laptop or desktop instead of a smartphone to communicate. You could also use this to search for opportunities so that you can continue to earn income in your own capacity.
Data connection
You will need data to access the internet. This can be set up as a fibre connection if it is available in your area, or through your phone. Shop around for a reliable provider and make sure to get one with a decent speed. If data is too expensive for you, there are public spaces where you can get free Wi-Fi. It is important, however, never to do banking in a public space as the networks are not secured – your banking information could be intercepted.
Printer or scanner
Whether this is crucial to have after retirement will depend on your personal requirements. It is possible that you won’t need to print forms anymore as you can sign them electronically. You could also opt to print what you need at a printing shop.
Electronic signature
You can set up a photo of your signature on Adobe and use this on electronic documents for a lot of service providers.
Budgeting app
There are a number of apps and platforms available to help you create a budget and keep track of your spending.
Security and privacy
Be aware of your privacy settings and monitor who is able to access your information.
•
Don’t click on any unsolicited SMS messages or emails you receive. These could be messages aimed at getting personal information from you in order to scam you (‘phishing’).
•
Always protect your PINs and passwords. Don’t provide them to anyone, electronically or telephonically, even if you think the person is from a bank.
•
Don’t click on links that offer something for ‘free’ initially as you could be unwittingly subscribing to a service that you will have to pay for in the future. This includes daily games and cell phone ringtones – these costs can add up very quickly.