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Just Retirement Insights

Financially independent parents on the wish list this festive season

The gift of a financial legacy for loved ones has long been a priority for South African retirees when considering their retirement income options – the idea of leaving some financial support to their heirs after death. According to retirement income specialist Just, this is still the case. In their 2019 Retirement Insights study, 80% of pre-retirees and retirees have a desire to leave money for their children and grandchildren. However, the bleak reality is that many South African retirees simply have not saved enough to allow for a secure, regular income to last their full retirement years, let alone leave a legacy for children, says Just CEO Deane Moore.

Retirement reality shock of South Africans

On average, respondents in "Just Insights", an independent survey commissioned by Just SA, expected a monthly income in retirement of almost R12,000. This implies an expected annual income rate of 8% based on their average retirement savings of R1.8m.