Just Retirement Insights

Published Jun 21, 2024


This is the second article in a nine-part series that summarises findings from Just Retirement Insights 2024, a tracking study conducted by retirement income specialist, Just SA.

Four out of 10 people aren’t setting goals for retirement

Confidence in your skills and abilities to plan for retirement is a subjective measurement, and, as was discovered in Just Retirement Insights 2024, self-confidence can sometimes be unjustified.

The study showed that 60% of respondents set goals for retirement. While this is an improvement of 20% compared to the 2018 survey, it means that 40% of respondents don’t set goals, a figure that is far too high, given South Africa’s retirement income crisis.

Just over half of respondents surveyed (56%) said they saved money and planned for the future. This could be interpreted in two ways: at least more than half are planning, which is encouraging, but 44% are not giving any thought to building a nest egg for retirement.

Not surprisingly, given the statistics, the appetite for risk is low and many retirees would not be able to withstand a market crash. Forty-six percent of respondents are averse to taking any risks in retirement and 27% can’t afford to lose anything that they have set aside for retirement without it severely impacting their retirement plans.

Poor planning and lack of saving for retirement could lead to financial vulnerability. Seeking professional financial advice is recommended, but is this a common course of action? Find out next week.

Read the full report here: https://retirementinsights.co.za/