This is the third article in a nine-part series that summarises findings from Just Retirement Insights 2024, a tracking study conducted by retirement income specialist, Just SA.
Only three out of 10 people seek professional financial advice
Just SA’s 2024 Retirement Insights study found that 39% of respondents have not made any calculations about how much money they will need annually in retirement. When asked why they haven’t, more than half (54%) said they don’t know how to calculate how much they need. This is a significant jump from 2022, when only 28% of respondents admitted to a lack of knowledge.
When people feel they don’t know how to go about something, they often ignore it, which can have disastrous consequences. On the upside, admitting you don’t know how to plan for retirement is the first step.
Seeking professional advice from a financial adviser is recommended. However, the results from the survey reveal that only 30% of respondents have or intend to ask for financial advice. 23% of respondents who have made no calculations only plan to do so closer to retirement. But Just SA is of the view that getting professional help sooner rather than later is essential for a successful retirement.
Despite some discouraging statistics on planning and calculating for retirement, many respondents are confident that they have saved enough for retirement. But how much is enough? We will explore this next week.
Read the full report here: https://retirementinsights.co.za/
PERSONAL FINANCE