Are South Africans waiting too long to plan for retirement? The latest Sanlam Benchmark Survey reveals alarming trends in retirement readiness, highlighting the need for early financial planning.
South Africans understand the importance of planning for retirement early, yet many are leaving critical financial decisions until the final years of their working lives. This is one of the key findings from the 45th Sanlam Benchmark Survey, released this week, which reveals a significant gap between when South Africans believe they should start preparing for retirement and when they actually take action.
According to the research, South Africans believe retirement planning should begin at around age 35. In reality, however, retirement fund members only begin actively engaging with their retirement savings an average of 3.4 years before retirement, while many seek professional financial advice just 20 months before leaving the workforce.
The Sanlam Benchmark, the 2026 edition, surveyed 76 standalone retirement funds, 130 umbrella fund employers, 30 pensioners who retired four to five years ago, and 600 consumers, comprising employed individuals, people approaching retirement, and retirees. The findings draw on two separate studies conducted by research houses BRDC and Alltold.
