Few people retire with enough money. The number one culprit is that SA is one of the few jurisdictions in which people are given full and unrestricted access to their retirement savings whenever they change jobs.
In many cases, these withdrawals are not done because of financial hardship. I was guilty of taking out money myself when I resigned from the Argus Group to pay for what seemed important, but with hindsight was just frivolous consumer spending. Yet compulsory preservation is one of those politically unacceptable goals which the union movement will not accept. There has been enough debate on the far less controversial issue of annuitisation of provident funds.
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