Abstract
Less than 7% of South Africans understand the need to have a holistic financial plan, guiding them towards achieving their financial goals of retirement provision - this might be caused by a lack of financial education or a possibility of mistrust in financial advisors. This study aims to provide the reader with a guideline regarding their retirement provision within the South African context by addressing a couple of complex topics. The study highlights the minimum requirements for financial advisors - alleviating some of the risk ordinary South Africans face when it comes to retirement provision.
Further, this study aims to guide the reader to four main topics which will have an influence on their financial goals. These topics are stated and answered in a way that ordinary South Africans can understand. This study will influence the reader’s perception regarding retirement - and financial planning in South Africa.
Keywords:
Retirement; registered retirement product; discretionary savings; replacement ratio; contributions; investment vehicle; tax efficiency;