More than 70 percent of economically active people in South Africa cannot retire financially secure, Mike Harper, the executive general manager of private wealth at Old Mutual, says.
Harper, who opened the annual Personal Finance/Old Mutual retirement seminars, says that most South Africans do not plan for retirement, or do not start planning early enough, to save enough money for retirement.
However, Harper says that planning is not sufficient. Many people plan, but then fail to take action. "If you do not implement your plans and stick to them throughout the journey, you will most likely not retire right."
Over the next nine weeks, Personal Finance will be publishing extensive reports on the seminars which will help you to plan correctly for retirement and to implement your plans. This week we report on the effects of the economy on your retirement. See Inflation and your retirement savings