This is the seventh article in a nine-part series that summarises findings from Just Retirement Insights 2024, a tracking study conducted by retirement income specialist, Just SA.
Just Retirement Insights 2024 found that 39% of respondents, who are over the age of 50, have not made any calculations about how much money they would need annually in retirement. When asked why they hadn’t, 20% said they didn’t have enough money with which to plan.
Given the high levels of unemployment in South Africa and the ever-increasing cost of living, limited income is a challenge for many South Africans, and it has a knock-on effect on retirement income planning.
The survey results showed that lower-income households are less inclined to plan for retirement. Three out of 10 households earning less than R6 000 a month have retirement income plans. The number increases with income: six out of 10 households earning between R10 001 and R20 000 a month and eight out of 10 households earning more than R50 000 a month have retirement income plans.
A secure lifetime income is a crucial retirement planning goal. Just SA is of the view that retirement planning is essential and possible, no matter the size of your savings or the complexity of your financial situation.
Unfortunately, retirees with a limited income and without retirement planning indicated that they would turn to the government or family to support them. We will look at dependency trends next week.
Read the full report here: https://retirementinsights.co.za/
PERSONAL FINANCE