Melitta Ngalonkulu
3 minute read
23 Oct 2020
8:22 am

Bleak reality of retirement in SA

Melitta Ngalonkulu

Another reason for South Africans not saving for their retirement is because there is simply not enough money to live a decent life and save.

Picture: iStock

South Africa is sitting on a ticking retirement timebomb, with National Treasury saying that in 2019 only 6% of the country’s population was on track to retire comfortably. Chris Eddy, head of investments at 10X Investments – which released its third annual Retirement Reality Report on Wednesday – said the Covid-19 pandemic has highlighted the urgency needed to tackle the retirement savings crisis. The report is based on findings of the 2020 Brand Atlas Survey, which tracks and measures the lifestyles of the 15.1 million economically active South Africans living in households with a monthly income of more than R8...