Pension time bomb ticking

SURVEY: PALTRY 6% SET TO RETIRE COMFORTABLY

- Ina Opperman

South Africa is sitting on a retirement time bomb, with only 6% of the country's population on track to retire comfortably, while half of the country's adult population (49.2%) is living below the poverty line.

According to the sixth edition of 10X Investments' Retirement Reality Report 2023/24, based on the findings of the 2023 Brand Atlas Survey, most South Africans have not formally planned for retirement and those who have are not confident that they are on track to support themselves for the long-term considering inflationary pressures and the economic climate.

Brand Atlas tracks and measures the lifestyles of 15.4 million economically active South Africans, defined as those living in households with a monthly income of more than R6 000, older than 16 with internet access through online surveys.