Share

Retirees regret living it up in days gone by

accreditation
Johannesburg – Many South Africans only realise when it is too late that  the money they splashed out on expensive cars and holidays should rather have been saved for a cushy retirement.

This is according to chief economist at Old Mutual Investment Group Rian le Roux, who said very few South Africans can actually retire comfortably.

He said most people don’t realise that they are not saving enough for their future liabilities.

“Future liabilities may include anything from paying for a child’s wedding to a child’s education and more importantly for retirement.
 
“It is estimated that only about 6% of South Africans can retire comfortably”.

He cited a survey done among South African retirees indicating that about 60% of them had a shortfall of income over their expenditure last year, and had to cut back on certain expenses.

Watch the full interview for more tips on savings:


 
“Very often people only look at their retirement funds a year or two before their retirement and some don’t even bother to do that, and then one or two years into retirement they discover that they don’t have sufficient capital in their investment funds to be able to give them a good financial situation during their retirement.”

Le Roux urged consumers to make sure that they are actually saving enough for retirement.

* Are you putting enough money away for your retirement? Use this calculator to tally your monthly income at retirement age from the money you're saving.

 - Fin24

Consider yourself a savings hero? Or just have something on your mind? Add your voice to our Savings Issue
:

* Write a guest post
* Share a personal story
* Ask the experts

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.9%
Rand - Pound
24.10
-0.9%
Rand - Euro
20.59
-0.7%
Rand - Aus dollar
12.42
-0.9%
Rand - Yen
0.13
-0.8%
Platinum
915.75
-0.8%
Palladium
1,028.36
-3.5%
Gold
2,159.96
+0.2%
Silver
25.03
-0.6%
Brent Crude
85.34
-0.1%
Top 40
66,252
0.0%
All Share
72,431
0.0%
Resource 10
53,317
0.0%
Industrial 25
100,473
0.0%
Financial 15
16,622
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders