Why do we use 6%? (Percentage of South Africans who will be able to retire comfortably.)

According to National Treasury only 6% of the population will have accumulated enough money to retire comfortably, without having to sacrifice their standard of living.

While National Treasury has cited this statistic, and it has been used multiple times in the media, the research backing up this statistic is not readily available. In addition to the 6% stated, 2% and 10% have been bandied around in the media. There are multiple factors which impact this statistic and it can be considered a moving target depending on these factors.

While the actual statistic cited may be invalid, be it 2%, 6% or 10%, what is indisputable is that the majority of South Africans are facing a retirement savings crisis. The specific number should not detract from the issue at hand. Using any of the above statistics, 90% of South Africans have not saved enough money for retirement.

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