Who is winning the retirement game?
Earlier in 2022, Old Mutual looked at data from almost half a million South African employees saving into pension and provident funds towards retirement. The result, the Old Mutual SA Retirement Gauge 2022, provided invaluable insights into their savings habits and readiness to retire when the time comes.
In this video, Old Mutual Corporate Senior Consultant Logie Govender explains some of the issues the Gauge exposed, and what retirement savers can do about it:
- who’s taking their savings in cash when they resign or change jobs, and why (you’ll be surprised what older employees are doing)
- how Treasury’s proposed two-pot system for retirement funds aims to change that
- the percentage of your final salary you should aim to replace in retirement
- how much you need to put away monthly to achieve it, and
- what percentage of South Africans are managing to put the right percentage away.
So, when it comes to how ready South African pension and provident fund members are for retirement, who’s sitting in cold water and who’s high up on the mountain peaks? And most importantly, what can they do to climb as high as they can before retirement? Watch this video to find out.
For more insights, read or download the entire Retirement Gauge in pdf format here.
