Retirement dreams, real numbers: Are you truly prepared?

Most South Africans won’t be able to retire comfortably. The 10X Investments Retirement Reality Report 2023 shows only 6% are on track, and many haven’t formally planned for retirement at all. The reality is that most people are unsure whether they can sustain their lifestyle in the long term – and, for many, stopping work simply isn’t an option.

The gap between dreams and reality

The 2023 10X report found that 71% of South Africans expect to keep working after 65. Newer insights from the 2025 FNB Retirement Insights Survey show nearly 90% of under-60s anticipate working in some capacity.

The real question is no longer when you’ll retire – but how. Do you downsize? Adjust your expectations? Work longer than planned? Whether you’re 35 or 65, the sooner you understand what retirement may really look like, the more empowered you’ll be to make informed decisions and practical choices for a secure, purposeful future.

Redesigning retirement your way

Retirement today is about showing up differently. We want to stay engaged, purposeful and connected. It’s not about retiring from something, but to something – a second career, a passion project, part-time consulting, mentorship or starting a business.

Increasingly, people are asking: how can I earn in ways that feel meaningful? Where can I still add value? What does success look like when I’m choosing it rather than chasing it? It’s not just about having enough saved; it’s about aligning your time, energy and resources with what matters most now.

The reality check: are you on track?

The question I’m asked most often is: “How much do I need to retire?” There is no one-size-fits-all answer. Your “enough” depends entirely on the life you want. Some guidelines point to saving about 20 times your annual income – but most South Africans are nowhere near that, and many haven’t planned at all.

Start by visualising your future life. What will a typical day look like? Which expenses are non-negotiable? Are there big costs ahead – renovations, relocation, supporting dependants? Will you continue earning, or rely solely on investments? What brings you joy, and what could you let go of? It’s not about having the most money, but having enough to fund the life that feels right for you.

If the numbers don’t add up

Facing your numbers may feel daunting, but it’s far better than living with the anxiety of the unknown. Clarity gives you agency. If you’re not where you want to be financially, ask: what can I do now, with what I have, to shape the future I want?

You could redefine retirement entirely – it’s not a full stop; it’s a comma. You might work part-time, consult, teach or turn a passion into income. Many people thrive in their 60s, 70s and even 80s by embracing purpose-driven work. You could adjust your lifestyle by downsizing or reducing discretionary spending. This isn’t about giving up joy; it’s about living more intentionally.

Consider underused assets – property, vehicles, skills – that could be sold or turned into income. Could you rent out a part of your home or turn a hobby into a small business? If possible, delay drawing from retirement funds to give your investments more time to grow. And don’t hesitate to ask for help; a certified financial planner can help you map a realistic plan aligned to your values and what you need to feel secure.

Downsizing can mean more, not less

Downsizing is often seen as a loss: a smaller home, fewer luxuries, letting go of the familiar. But reframed with intention, it can be one of the most liberating choices you’ll make. Letting go of what no longer serves you creates room for what truly matters – less stress, more time and financial breathing space. Instead of focusing on what you’re giving up, consider what you could gain: peace, freedom and a lifestyle more aligned with what you value now.

Earning with purpose

More people are working into their 60s, 70s and beyond – not only out of necessity but because they want to stay engaged, contribute and keep learning. Earning doesn’t have to feel burdensome. It can be chosen, meaningful and energising. Instead of asking, “Will I have to work in retirement?”, try: “How would I love to earn?”; “Where can I still offer value?”; “What lights me up – and can it sustain me?”; “How can I use my wisdom to leave a legacy?”

It’s not just about the numbers

Retirement isn’t only a financial shift; it’s an emotional one. It’s about identity, purpose, relationships and finding a new rhythm beyond a job title or salary. Whether you simplify your life or continue living large, what matters most is making that choice intentionally. Retirement isn’t something that happens to you; it’s something you can shape. It can be the beginning of a life built on your terms, with your money enabling the life you dream of.

Kim Potgieter is an independent financial planner, coach and author dedicated to helping mid-life professionals align money with meaning. Since qualifying as a Certified Financial Planner in 2008, Kim has specialised in life planning, retirement transitions and purpose-driven wealth management.

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