The right interventions will prevent South Africans from reaching ‘junk status’ when they retire, according to the Sanlam Benchmark Survey.
The Sanlam Benchmark Survey results show only 35% of pensioners believe they’ve saved enough for retirement, while a staggering 48% experience a shortfall between income and living expenses each month.
Now in its 35th year, the 2016 Sanlam Benchmark Survey represented more than 500 hours of research and analysis involving retirement fund members, pensioners, employer representatives and principal officers to provide a comprehensive annual review of the nation’s retirement industry.
The findings uncovered the top six interventions needed to enable all South Africans to retire comfortably:
- Close the member communication gap
- Make members aware of their retirement savings target (and how to reach it)
- Highlight the power of preservation
- Customise solutions based on the life stage of each member – one size does not fit all
- Ensure employers rebroke funds
- Use technology to drive meaningful engagement with members.