South Africa’s older generation face a retirement crisis, with a paltry 7% of retirees feeling “well-prepared” and less than half of over-65’s having a retirement plan. With longer life expectancies, rising healthcare costs, inflation and a tough economy many retirement savings fall short. As a result a staggering 45% of over-60’s continue working, and 30% rely on secondary income streams to cover financial gaps.
In addition, it’s recommended that retirees have six-months contingency income for unplanned expenses and emergencies, at most 11% of over-60s have this on hand. South Africa’s new two-pot retirement system has many wanting to withdraw funds early, experts have warned they risk significant tax penalties and being pushed into a higher tax bracket, further reducing their retirement savings.
“Relying solely on retirement savings isn’t enough to survive in a constantly changing economy,” says Rajesh Parshotam, chairperson of the Direct Selling Association (DSA) of South Africa, “To achieve financial security it’s important to diversify income sources. We know many are looking for ways to supplement their retirement savings but don’t know where to find safe and reliable income opportunities within their control. DSA-accredited member companies provide access to a tried and tested income opportunity that is thoroughly regulated.”
Direct selling through DSA member companies can help retirees with a practical solution to build up their savings consistently and diversify their income streams. Imtiaz Ebrahim, Secretariat of the DSA explains, “We have over 600,000 people successfully direct selling in South Africa, and 25% of them are over the age of 55. These individuals use direct selling as a primary or secondary income source. With the right guidance, flexible working hours and the ability to earn long-term residual income, direct selling helps many retirees reduce financial stress and regain control of their financial futures.”
DSA member companies offer accredited compensation plans with low barriers to entry, ensuring retirees can engage in work that is flexible and sustainable. As South Africa’s retirement challenges persist, side hustles and additional income streams are becoming a vital lifeline for those seeking financial stability in their golden years.
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Author: Farah Manuel from We Rise Communications on behalf of The Direct Selling Association of South Africa.
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