Title:
A little reality in a sea of illusion about retirement funding
Published:
10X Investments, 23 October 2020
From the article:
* In the Retirement Reality Report 2020 (RRR20), 40% of respondents younger than 35 expect to retire before age 60, ignoring that retiring early not only cuts into their saving years, but also adds to the years those savings must last. Only 9% of respondents over 50 still expect to retire before the age of 60. In fact, 36% of over-50s now expect to retire only after the age of 70, or not at all.
* Presently, only some 3,2m South Africans (5,4% of the population) are older than 65. But a growing number and percentage are now in the second half of their working life, up from 12,1 % (4,4m) in 1990 to 16,9% (10m) in 2020, a potential tsunami of people nearing retirement with inadequate pensions.
Click here to read the RRR20