Wealth Advisory Newsletter

4th Annual PPS Retirement Summit to explore longevity and the evolving nature of retirement

Johannesburg, 14 October 2024 – As South Africans are living longer, healthier lives, the need for comprehensive retirement planning has never been more important. Professional Provident Society (PPS) is urging its members and the broader public to take proactive steps towards securing a financially stable future. This call comes in response to findings from the recently released 10X Investments Retirement Reality Report 2023, which reveals that only 6% of South Africans are currently on track to retire comfortably.

While this statistic is concerning, PPS believes it also presents an opportunity for individuals to take charge of their financial futures with the right knowledge, planning and support.

“With life expectancy on the rise, we’re seeing a new chapter unfold for retirees. People are not only living longer but are also staying active and engaged well into their later years,” says Johan Gouws, Head of Wealth Advisory at PPS. “This means retirement is no longer just a final phase of life — it’s an extended period that can offer growth, fulfilment and new opportunities, provided it’s properly planned for.”

The Benefits of Early Planning

As highlighted in the 2023 Brand Atlas Survey, which informed the 10X report, South Africans can take advantage of longer life expectancy by starting to plan and save for retirement as early as possible. For young professionals, this offers a significant opportunity to build a robust retirement fund, while for those closer to retirement age, there’s still time to make strategic adjustments.

PPS is dedicated to helping graduate professionals take control of their financial journeys, offering tailored advice and solutions that align with their unique career paths and long-term goals. With the advent of different approaches like the two-pot retirement system, PPS is equipped to support members in balancing current needs with long-term financial security.

Longevity: A New Era for Retirement

What was once considered a short chapter at the end of one's career has now evolved into a vibrant stage of life. Longer lifespans mean that today’s professionals can look forward to decades of post-retirement experiences, but this also requires careful financial planning.

“Many South Africans still think of retirement as the end of their working lives, but we see it as the beginning of something new,” says Izak Smit, CEO of PPS. “With more time to enjoy retirement, our focus should shift towards how we can make the most of those years. This means building a financial plan that supports not just survival but the ability to thrive in this next stage of life.”

Securing Your Future with Confidence

While the report highlights some of the challenges South Africa faces in terms of retirement readiness, PPS is committed to turning these challenges into opportunities. Through ongoing education, personalised financial planning, and innovative solutions, PPS is empowering professionals to take control of their retirement journeys.

“At PPS, we believe that retirement planning doesn’t have to be daunting. With the right support and the right mindset, individuals can create a retirement plan that allows them to live with dignity, security, and fulfilment,” adds Gouws.

With longer life expectancy and the evolving landscape of retirement, PPS encourages all professionals to regularly review their retirement plans and leverage the extensive resources and support available. By taking early and proactive steps, you can transform your future and ensure that retirement is not just about financial security, but also about creating a meaningful and fulfilling life. Make your next chapter, your best chapter — with the right planning, retirement can be a time of growth, opportunity and enjoyment.

For more details on the summit, please visit https://www.pps.co.za/retirementsummit