Tips for Tito Mboweni to improve our retirement savings

Hopefully, Tito Mboweni has fresh ideas to improve our retirement savings. Retirement savings reforms are essential if we are to boost the economy. This might include changing retirement age to 65 to allow workers to accumulate enough, writes Rowan Burger

Retirement savings reforms are essential if we are to boost the economy. This might include changing the retirement age to 65 to allow workers to accumulate enough, writes Rowan BurgerIt is time for the legislators to reassess the state of retirement savings in South Africa and chart their own course.Ours is a voluntary tax incentivised savings system.

Much has been achieved over the last decade to improve retirement outcomes. However, the reality is that without a broader focus on and the need for a few more bold reforms, our system will remain sub optimal. This clearly indicates that the current system misses its mark in terms of coverage and delivery of outcomes. .

Much of our workforce is informal or part time, which means the predetermined regular contributions required by the Pension Funds Act excludes them from meaningful participation. .

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