Ditch the idea that you must retire at 65, says financial guru Paul Roelofse

Less than 10% of South Africans have enough money to retire when they hit 65 years of age.

Certified financial planner Paul Roelofse says the idea that 65 must be the official retirement age is outdated.

Although he still advises all adults to save money, Roelofse says saving should be aimed at financial independence, and not necessarily for retirement.

He believes that all people should be allowed to continue working past 65 if they are fit and able to do so.

I'm thinking away from conventional wisdom, to say why don't we look at the real side of retirement and don't retire... Carry on working for as long as your health commits you too.

Paul Roelofse, Certified Financial Planner

Let's take away the idea of saving for retirement and make it saving for financial independence.

Paul Roelofse, Certified Financial Planner

Roelofse says many South African pensioners become financially dependent on their family and offspring for support.

Others look to the state for relief in the form of a social grant, which Roelofse says is not enough to survive on.

There are many more options that are a lot more real and take away that the time has placed upon us.

Paul Roelofse, Certified Financial Planner

Listen to the discussion on Weekend Breakfast with Refiloe Mpakanyane:


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