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State urged to force people to save
The inadequate provision for retirement is forcing older people to cut down on medical expenditure as their savings are being eroded according to a report published on IOL.
It quotes a Sanlam benchmark survey, which polled more than 1300 retirement fund trustees, principal officers, retirement fund members and pensioners and it showed that only 53% of people were on track for a secure retirement.
IOL says that a staggering 70% of people who switched jobs actually cashed in their retirement funds and used these savings to settle short-term debts.
Read more:
- IOL: State 'must force retirement savings'
- Sanlam Benchmark Survey results: Sanlam calls for sea change in retirement industry
