National Treasury proposal could triple retirement outcomes

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PHOTO: istock
PHOTO: istock

BUSINESS

The 10X Retirement Reality Report 2021 is a stark reminder that South Africans are ill-prepared for retirement. There is no state pension fund in South Africa apart from the old age grant of R1 890, which is for alleviating poverty rather than providing an actual retirement income.

Yet the report found that half of the people surveyed were not providing for retirement at all. The other half had a savings plan of sorts, but most admitted that they didn’t know too much about it.

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