In the last 18 years, the life expectancy of males in South Africa increased from 59.9 years to 64.6 years and for females from 67.2 to 71.3 years, according to the latest data from Stats SA.
Modern medicine is increasing life expectancy and people may well live anything from 30 to 45 years in retirement if they leave employment early.
Nowadays, even the age of 60 should not be considered a retirement age and people need to rather consider retiring at 70, says Renee Eagar from Brenthurst Wealth Management.
If a person retires five years earlier (60 instead of 65), their retirement income is likely to be 20% lower, says Deane Moore, CEO of Just SA.
This story is from the 22 October 2021 edition of Finweek English.
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This story is from the 22 October 2021 edition of Finweek English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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