Most South Africans of retirement age are still working as they do not have the financial security and stability they need to live.
This is revealed through research by Rainmaker Marketing which found 36% of respondents had opted to start their own businesses as a means of earning an income.
“In just 19 years, global life expectancy has increased by almost a decade,” says director Stefan Botha.
“It seems that unless you have factored in the costs of living for today 30 years ago, you may not have been able to gather up enough to support your retirement, especially if you understand you’re going to live longer than your parents.”
By 2050, 60% of South Africa’s population will be 60 years old plus, so more people of retirement age will be looking for adequate living options.
“This, coupled with the fact that people are finding ways to supplement their income, means the future of retirement living will have to support this. Retirement estates have to offer the opportunity for residents to comfortably work from home – or at least be able to access co-working spaces nearby.”
Botha says retirement property investment trends lean towards the Cape or other coastal locations, while the company’s research showed many retirees have a preference for the greater Ballito in KwaZulu-Natal.
“The global Covid-19 epidemic and the national lockdown have resulted in a huge shift in people’s priorities with a move to estates which can fulfil people’s lifestyle needs in a safe and controlled environment.”