Most South Africans do not plan for retirement and prefer not to obtain advice from an adviser. Yet retirees will struggle to draw enough income from their retirement savings to cover expenses. These insights come from the latest survey commissioned by Just Retirement, released this week. The survey shows that two-thirds of South Africans have not made any calculations of how much they would need annually in retirement, yet they consider themselves to be good at financial planning. Of the sample of respondents surveyed, only 31% of South Africans have done any calculations on how much they would need annually in retirement, down from 45% in 2015. The survey confirms, yet again, that people’s expectations of how much retirement income they will receive do not match reality. The current rand value of the retirement funds of 40% of respondents is less than R1m, 17% have between R1m and R2m, 11% between R2m and R5m and 5% have saved between R5m and R10m. A total of 11% of respondents do...

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