The 10X Retirement Reality Report, released on the 30th of September, shows that only 7% of economically active South Africans have a clear retirement plan that they are actively executing, while 41% don't have any form of retirement plan at all. Of those who are investing in retirement savings, 53% have no idea of what they can expect their pot to be worth when they retire.
Although there are numerous contributing factors as to why so many people are in this situation, one of the most significant reasons is that people are simply not engaging with the retirement planning process. Instead, South Africans are putting off saving for "another day", or handing over control to a third party, or even holding out for an unlikely lotto win.
As part of its mission to help people retire with dignity 10X is tackling the problem of disengaged South Africans head-on by providing all clients with access to My10X and giving non-clients access to this online calculator. These sophisticated, yet easy to use tools allow you to design your retirement plan, adjust variables, such as how much you save and the date you plan to retire, and check the health of your retirement plan at any time.
Our retirement planners are simple to master and fun to use. Our friendly and encouraging virtual giraffe (we call him G-money) is always at hand to show whether you're on track or not.
You may look like you have a lot, but do you really?
Seeing the final amount of money you can expect to retire with will generally look quite impressive. But will it be enough? The 10X retirement planner will translate your lump sum amount into expected monthly income once you retire, which will probably seem less impressive.
See the wonder of compound interest for yourself
For those content to track their target without G-money’s charms, you also have the option to switch to a more conventional but easy-to-read graph. The benefit of this view is that it shows how much you have contributed and how much you will earn in investment growth.
If you’re not yet on track don't worry, you're not alone. 10X will help you get on track by offering useful tips along the way.