Cape Town – South Africa is facing a looming retirement crisis, with most citizens unprepared financially for retirement, according to the 10X Investments Retirement Reality Report 2023/2024.
Only 6% of South Africans are on track to retire comfortably.
The report, based on the 2023 Brand Atlas Survey, highlights that many people cannot afford to save, lack knowledge of investment costs, and expect to work beyond retirement.
Key findings include:
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72% of those with off-track plans said they couldn’t save enough.
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70% without any plan said they had no money left to save.
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Only 37% of those with a plan knew their investment fees.
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29% of people over 50 said their plans were definitely or probably not on track.
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Fewer people (60%) now retire on their own terms, down from 70% in 2021.
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Just 35% of retirees felt confident their savings would last.
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2% had already exhausted their retirement savings.
The report warns that correcting savings shortfalls after age 50 is difficult and recommends contributing 30–40% of one’s monthly salary towards retirement to ensure financial security.
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Compiled by Betha Madhomu
