South Africans need to plan towards a comfortable retirement: GCI

SABC News Retirement R - South Africans need to plan towards a comfortable retirement: GCI

South Africans need to have a proper financial plan that will help them retire comfortably. That is the message echoed at the GCI’s 11th Wealth Tour held across the country, which is aimed at encouraging more people to save.

About 94% of South Africans do not have sufficient money for retirement.

More than 40% of South Africans do not have any retirement fund scheme. That’s likely to put a burden on the state as many of these people rely on the government for an old age grant.

The Wealth Tour is aimed at encouraging more people to save towards retirement.

CEO of the GCI group, Alex Cook says their vision is to get 150 000 people to have a safe retirement.

“It is essential to have a plan. We have created software for individuals. Our vision is to get 150 000 people to have a safe retirement.”

The stock market has not been performing well for the past five years, and many investors got very little in returns on their investments. This has led to people being reluctant to invest.

However, Head of Distribution at the Cinnabar Investment Management, Windall Bekker, says the market is likely to recover in the long run and investors should not pull out when the going gets tough.

Delegates have reiterated the need to have a proper financial plan and stick to it. They’ve advised investors to diversify and not put all their eggs in one basket.

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