By 10X Investment

Even before Covid-19 and the associated lockdown, many South Africans, including many thousands of pensioners, were in crisis. The global pandemic has magnified many vulnerabilities in our society. It is in this context that 10X Investments launches the third annual report on retirement readiness in South Africa.

The inaugural Retirement Reality Report, published in 2018, set out to interrogate the developing retirement crisis and its underlying causes based on the results of our Retirement Reality survey. The report sought to stimulate discussion around potential solutions and ways to implement them.

The inaugural report made it clear that South Africa was sitting on a retirement timebomb, with the data aligning very closely to a widely quoted National Treasury statement that only 6% of the country’s population was on track to retire comfortably. The report also identified some of the key reasons why so many South Africans will face a bleak reality after their working lives come to an end. A frightening number of people have not formally planned how they will fund their retirement. Of those who have, few are monitoring their progress. Most don’t know whether or not they are on track to meet their goal to be able to support themselves in retirement, never mind in any comfort.

The second annual report, 2019’s Retirement Reality Report (RRR19), confirmed SA’s looming retirement crisis and delved deeper into factors affecting people’s retirement planning in SA.

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