Retirement

South Africa: How employers can make sense of normal retirement age in a post normal retirement age world

Benjamin Franklin famously noted that there are two certainties in life: death and taxes. Until not that long ago, a third could have been added: retirement.

Re-focus your savings and investments

Not rocket science… Simple solutions for improved retirement outcomes

Education stands out as one of the top challenges facing employers, financial advisers and members participating in South Africa’s retirement benefits environment… More specifically, the challenge is how to improve understanding among members about how their benefits work and how they are progressing along their retirement journeys. “Employers, alongside service providers, have not done enough to ensure that members truly get to grips with their benefit entitlements [which contributes to members] being woefully short at the point of retirement or exit from the fund,” said Claire Mol, a retirement fund executive at KHUSA Consulting.

Make yourself traceable by retirement funds that may owe you money

Retirement fund actuaries are urging South Africans to make themselves traceable by retirement funds trying to unite former members and beneficiaries with billions in unclaimed retirement fund benefits. By the end of last year, unclaimed benefits worth R47.3 billion were sitting in retirement funds, according to the Financial Sector Conduct Authority (FSCA).