Retirement Annuity Statistics in South Africa
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Retirement Starts with the Decisions You Make Today
The earlier you begin saving for retirement, the greater your financial freedom will be in the future.
Here are some retirement statistics that highlight why planning today is so important.
South African Retirement Facts
Only 27% of South Africans under the age of 60 have a Retirement Annuity (RA).
Only 45% of South Africans include a Retirement Annuity as part of their retirement strategy.
89% of South Africans expect to continue working beyond retirement age because they have not saved enough for retirement.
Almost half of all South Africans do not have a formal retirement plan.
South African retirees have invested more than R682 billion in living annuities (as at the end of 2023), demonstrating the importance of structured retirement income planning.
The average living annuity drawdown rate is 6.6%, the lowest average rate recorded over the past five years.
On average, South African pensions replace only 19% of a worker’s final salary, compared to the OECD average of 59%.
Why Consider a Retirement Annuity?
A Retirement Annuity offers numerous benefits:
Tax-deductible contributions (within SARS limits)
Tax-free investment growth
Long-term wealth accumulation
Protection against creditors in many circumstances
Financial independence during retirement
Flexibility to choose investment funds suited to your goals
Whether you’re starting your retirement journey or reviewing your current retirement plan, our experienced adviser can help you create a strategy tailored to your financial goals.
We can assist you with:
Retirement Annuities
Pension & Provident Fund Preservation
Retirement Planning
Living Annuities
Investment Planning
Tax-Efficient Retirement Strategies
Contact ANF Financial Advisers today and discover how a Retirement Annuity can help you build long-term financial security.
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