Independent financial advice: Mapping your employees' path to a comfortable retirement

Everjoy Gumbo explains how employers can contribute to bridging South Africa’s retirement gap by availing access to independent financial advice, which can empower employees to make informed decisions in the interest of achieving a secure and sustainable future.

Due to undersaving, most working South Africans are unable to keep up with their basic needs if and when they retire. This so-called “retirement gap” can be calculated at any point in an individual’s lifetime to determine whether they are on track to achieve a good retirement outcome or if changes are needed to make up for an indicated shortfall.

Underlying issues: Cost of living, unemployment and lack of preservation
Economic downturn, steep unemployment rates and the higher cost of living (a result of increased inflation and interest rates) post the COVID-19 pandemic have further widened the overall retirement gap in South Africa.

Read full article: https://www.allangray.co.za/latest-insights/retirement/independent-financial-advice-mapping-your-employees-path-to-a-comfortable-retirement/

October 28 2024 By Everjoy Gumbo