Cape Town - More than 90% of South Africans retire without enough income as people live longer and fail to do proper financial planning, leading to inadequate retirement savings, says Errol Meyer, head of advisory services at Standard Bank.
“July is National Savings Month and I would encourage all consumers to start setting goals to ensure they don’t outlive their money. It’s crucial," says Meyer, “as well as a once-a-year check-up of a financial plan to ensure they adapt to changing circumstances and stay on track with their lifestyle goals.”
Opportunities to save more for retirement have increased significantly since the introduction of the tax-free savings account in 2015, and the 27.5% tax relief permitted for retirement fund contributions since March 1 2016.