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.
Just Retirement Insights
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.