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Plan correctly, retire well

PPS Retirement Summit aims to guide professionals on their retirement planning.
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Saving and planning for retirement can be difficult and fraught with challenges, perhaps even more so for those who are self-employed, where diverse income streams and a range of assets could make planning for retirement a daunting task.

Linda Sherlock, executive head of wealth and business development at PPS, says the current retirement landscape is changing dramatically, as population ageing becomes increasingly visible, locally and around the world. The need to be organised for retirement is thus becoming more prevalent among professionals.

“One of the consequences of the Covid-19 pandemic is that some of SA’s established professionals are retiring earlier than initially planned, which has also demonstrated that people have fundamental misconceptions about their future selves,” says Sherlock, noting that people need to be financially secure to enjoy this period of their lives, which she refers to as the Fourth Chapter.

Being financially secure is a very broad concept with the precise definition of financial security differing from person to person. For instance, it revolves around an individual’s unique lifestyle, needs and desires.

At the core is planning for retirement, a very difficult task for professionals – a market that PPS has been servicing for decades.


Retirement planning revolves around the critical question of whether someone will have enough money to retire comfortably or, more precisely, how much is enough?

“This is a very difficult question to answer,” says Sherlock. “It depends on a range of factors, such as a person’s income and lifestyle in the years before retiring.”

PPS works on a general rule of thumb that people should have around R1 million in capital at retirement for every R5 000 worth of monthly income they require. While this is somewhat higher than what other financial planners might suggest, life has changed dramatically over the last decade or so.

For instance, Sherlock says that it is no longer adequate for people to plan to live for just 20 years after their retirement.

“You need to plan for around 30 years of retirement. Research indicates that life expectancy in SA and around the world is increasing. SA’s average life span might look lower than the global average, but life expectancy among professionals in SA is higher than the average.

“The people I engage with choose to eat and live more healthily than in the past, and generally changed to this lifestyle earlier in their lives.”

She adds that retirement planning mostly needs to make provision for two people, and in some cases one partner could be up to 20 years younger than their spouse.

Retirement planning summit

These are but a few of the aspects around retirement planning that PPS will discuss in its upcoming retirement summit, on Thursday, 28 July 2022.

The three-hour hybrid event will take an in-depth look at local and international insights to assist professionals to adequately plan for their retirement.

“Planning for retirement shouldn’t be a stressful exercise. This is why mapping out what you want for your future is one of the first steps to take. It involves more than money. It is about one’s family, business, health and legacy. It is about one’s aspirations and the life you want to live,” says Sherlock.


PPS will also look at the challenges that may make planning and saving for retirement difficult.

According to Sherlock a unique challenge that did not exist a few years ago is the possibility of children being forced to stay with their parents for longer, due to the current economic environment.

“It limits a person’s ability to save enough for his or her retirement. In many cases, the person’s parents might also need financial help due to living longer than expected and simply outliving their retirement funds.

“Professionals are often self-employed, owning their own businesses or practises, which makes retirement planning different from that of people earning a salary.”

To enjoy life after retirement, she says a professional should have saved three times their annual salary by the time he/she is 45 years old, and seven times their annual salary by age 55.

“Numerous people become so overwhelmed about saving for an unknown future that they end up not saving anything. However, planning for retirement is not overly onerous. But you will need a road map that can evolve over time to keep you on track,” explains Sherlock.

As such, one of the discussions at the PPS Retirement Planning Summit will look at the options available to professionals to fund their retirement, and options for designing a game plan.

“Retirement is not just one phase of life, but numerous phases. It is as a lifestyle – not an event that happens when you’re 60-plus years old.

“Essentially, what one does today will form part of the building blocks of the life lived in the golden years. Therefore, ensuring that you plan in the lead up to, and during your retirement, will allow you to continue to live your best life,” says Sherlock.

The retirement summit will also look at where professionals can find value within their investments and how to improve planning for retirement.

Speakers will include trends expert and founder of Flux Trends Dion Chang, Anil Thakersee, Linda Sherlock, Richard Carlyle and Ayanda Seboni of PPS.

Interested in attending the workshop? You can register at

PPS is a licensed insurer conducting a life insurance business, a licensed controlling company and an authorised FSP.

PPS Investments is an Authorised FSP.

Brought to you by PPS.

Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.



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