What 99% of retirees regret and how you can avoid it

If you were to ask 100 South African retirees what they would have done differently, they would all say the same thing: “I should have started planning earlier.”

This insight, heard in many conversations with clients and supported by national research, highlights one of the biggest truths in financial planning: time is your most valuable asset – and your biggest risk if not used wisely.

The high cost of waiting

Retirement planning goes beyond investing; it is about determining how much your future needs will cost and ensuring that you can meet those needs consistently for 20 to 30 years after your last pay cheque.

When you delay this planning:

• Your capital has less time to grow through compounding;
• You are required to save more aggressively in a shorter time frame;
• You may not have enough flexibility to reduce risk closer to retirement; and
• You risk retiring on assumptions rather than clear financial understanding.

Delaying your planning can result in unnecessary trade-offs such as having to work beyond your desired retirement age, cutting back on your preferred lifestyle, or relying on others for financial support.

What early planners do differently

People who avoid these regrets tend to do five things right:

1. They quantify their goals: They don’t just “save for retirement” – they calculate how much income they’ll need and how long it will last.
2. They align their lifestyle with their means: They actively manage debt, cut unnecessary expenses, and ensure that spending today doesn’t compromise tomorrow.
3. They stress-test their plan: They model for inflation, healthcare costs, longevity and market volatility.
4. They update regularly: Life changes and so does a good plan. Annual reviews keep things on track.
5. They seek advice from trusted professionals: They recognise that DIY retirement planning may not be enough when the stakes are this high.

If you’re in your 30s or 40s: start strong

The earlier you start, the more options you have. You can build wealth gradually, absorb setbacks more easily, and retire with confidence. Your savings rate doesn’t have to be extreme – just consistent and aligned to a clear goal.

If you’re in your 50s or 60s: It’s not too late

Even if you feel like you’re behind, there’s still plenty you can do:

• Top up your contributions while you’re earning well;
• Delay your retirement slightly to strengthen your capital base;
• Reassess your lifestyle goals and spending habits; and
• Review your annuity options and estate structures.

The key is to act now, not later.

If you’re already retired: Get clarity and control

Many retirees have no clear withdrawal strategy. They withdraw ad hoc amounts, ignore inflation adjustments, or stick with outdated portfolios.

It’s essential to:

• Know your sustainable withdrawal rate;
• Plan for rising medical costs;
• Rebalance your portfolio based on changing needs; and
• Ensure your estate plan reflects your latest situation.

What you can do today

1. Estimate your real retirement income needs – in today’s rands and future value;
2. Assess whether your current savings and assets can support those needs;
3. Build or update your financial plan with a qualified, independent planner; and
4. Review your risk exposure, tax efficiency, and legacy intentions.

A regret-free retirement starts with one conversation

In The Ultimate Guide to Retirement in South Africa, we share tools and insights to help you make informed, confident retirement decisions – no matter your current age or stage.

But planning is personal. If you want to avoid the regrets that so many others share, start the conversation today.