JOHANNESBURG - The latest Sanlam Benchmark Survey shows that South Africans are planning their retirement too late.
While many believe they should start planning for retirement in their mid-thirties, most only begin engaging with their retirement fund about 3 years before they stop working.
The survey also found that only 40 percent retire at the prescribed retirement age while nearly half worry they will not have enough money to maintain a comfortable lifestyle.
Only 57 percent of respondents said they received professional financial advice before retiring.
Many retirees are still paying off debt and have had to cut spending on groceries, home maintenance and medical aid.
Sanlam says starting earlier and getting financial advice can improve retirement outcomes.