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South Africa is sitting on a retirement time bomb, with only 6% of the country’s population on track to retire comfortably. This is according to the sixth edition of the recently released 10X Investments Retirement Reality Report 2023.
Sanlam Benchmark’s research report found 63% of South Africans were anxious about their finances, with 87% saying they felt financial stress. So, does the lack of adequate savings suggest that concerns about the future are indeed valid?
Securing a comfortable retirement remains one of the biggest challenges faced by South African investors. Retirement annuities (RAs), pension funds, provident funds and tax-free savings accounts (TFSAs) are some of the financial instruments available to help individuals save tax-efficiently for this goal.
When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving those objectives.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?