‘SEMIGRATION’—THE act of moving from one part of the country to another in search of a better life—has seen a rapid uptick in South Africans of all ages, but has become particularly popular with retirees. While many believe that individuals who can afford to emigrate are leaving South Africa in droves due to the turbulent economic situation, the reality is that most wealthy retirees would rather spend their Golden Years in the country they’ve called home for decades.
However, while the majority of retirees are choosing to stay in South Africa, there is a significant trend of this demographic leaving Gauteng and the province’s major cities in search of a quieter life in the countryside or small coastal towns. The one exception to this is the popularity of Cape Town as a retiree semigration destination—which, despite being a major city, still offers retirees the relaxed lifestyle they are searching for.
The factors driving semigration
The COVID-19 pandemic has been a significant driver of the semigration trend, as many people were able to work remotely and no longer needed to be close to their offices in major city centres. For retirees, however, the decision to semigrate is often influenced by lifestyle considerations.
Popular semigration destinations also boast lower crime levels, more affordable property prices, and a higher quality of life due to the outdoor activities and natural beauty on offer.
This story is from the April 2022 edition of Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2022 edition of Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
'Hack' your money psychology
Spending too much money? Tempted by sales? These money psychology hacks’ can help
Accounting tips for small businesses
It's important to properly manage your business finances
KIDS AND MONEY: FIVE WAYS TO START THE CONVERSATION
WHEN IT comes to teaching young children about the world, parents may feel that some topics—like politics and religion—are too tough to broach.
REDUCE THE PAIN OF DOWNSCALING
Investing in a holiday home as a retiree
THE RISKS INVOLVED IN INVESTING
Finding the balance between eating well and sleeping well
TESLA: WHY IT MIGHT BE TIME FOR MUSK TO GO
What 2023 holds for the electric vehicle company
FINDING SOMEONE TO STEP INTO YOUR SHOES
The Eskom crisis demonstrates again the importance of proper succession planning—loDSA
BORROWING MONEY ISN' ALWAYS A BAD THING
On the contrary, debt can be a sensible way to build wealth
WILL SOLAR POWER INCREASE THE VALUE OF YOUR HOME?
The upfront investment is high, which you'll want to recover when you sell
WHERE NEXT FOR THE GLOBAL ECONOMY?
Why central banks face an epic battle against inflation in 2023