From the expected to the eccentric, the devilishly indulgent to the 100% angelic, submissions to 10X Investments’ recent competition asking South Africans about their dreams for retirement confirm that retirement is more of a beginning than an end for most people, says Catherine Neill, Head of Client Experience at 10X.
It was clear from the number of submissions – and the thoughtful and interesting content in them – that people are excited about retirement and looking forward to doing so many things they have always wanted to do.
The submissions came from 10X clients and others who came across the competition on social media.
Many told of dreams that will be familiar to most – to move to the countryside or the beach, to slow down and enjoy more time with family, particularly grandchildren.
Some expressed the desire to be far from the madding crowd (and Eskom) and get off the grid. For others, the dream of being unplugged or self-sufficient simply means growing their own veggies.
Some wrote just a few words, “live debt-free”, “sleep in late”, “time with grandchildren”; others wrote wonderful little essays conjuring up happy, dreamy times ahead.
Clayton fits into the latter group: “It’s the creak of the old doors as you open up your studio, smelling the coffee, listening to the old vinyl collection [REM and Sade get a mention], the sound of your grandkids visiting … making her laugh after 30 years …”
Francois (who probably wrote very detailed letters to Santa) wrote: “A smallholding with a band room (for all night jams with my friends), squash court, tennis court, braai lapa and a classic Aston Martin converted to an electric motor, with Bluetooth please.”
One lucky dreamer, Pilka Lalloo, won R10,000 (which she invested in unit trusts) after her name was pulled out of a hat from all the submissions, clients and non-clients.
Young people look set to be beneficiaries of a whole lot of extra love and support in future. Physical fitness and financial health are two standout priorities for today’s workers, who are determined, in Coenie’s words, “not to be a burden on anyone” in retirement.
Use 10X’s retirement income calculator to work out a sustainable drawdown.
Bernadette is one of many who wants to spend time with her grandchildren “attending sports days and concerts, chauffeuring them to activities … taking them camping and to the beach in the holidays”.
Hannelie dreams of “keeping fit by body boarding in the sea with my grandkids on a warm summer’s day”.
Catherine will be spending time “trail running (or maybe walking)” and James wants “to play as much sport as possible”.
James expands on that, saying he plans to “live every day as if it is my last”.
He also points out that his financial plan must allow for the possibility of living beyond 100, which is why he will leave the one-third of his retirement savings “that many people take as a lump sum” in his pension fund.
He also plans to keep his drawdown to the legal minimum for the first few years so the capital continues to grow. All of this will amount to: “The longer I live, the more I score.”
Many of these fit, well-funded retirees-to-be are also planning to play a role in the lives of South African youngsters to whom they are not related.
Mpume says that in addition to wanting to travel in her retirement years, she hopes she will “have enough in my retirement portfolio to be able to put a disadvantaged child through school”.
As chairperson of the governing body at two local primary schools, Mckenzie has already got a head start on plans “to dedicate my time in retirement to educating parents so that we can rebuild primary schools [and] support the educators as they are second parents to our children”.
Christa’s dream “to change kids’ lives” means helping primary school children who struggle with reading and maths. “Buy books and go and help them read.”
Tshedi wants to set up a home for abused and unwanted babies and children to “give them a home filled with love and trust”.
Spending time with the grandchildren will often be combined with another much-favoured dream: to travel. Shaun and Shona put the dreams of many into the simple wish to “have enough money to buy plane tickets to visit the grandchildren”.
Lizelle hopes she will be in a position to travel as well as to leave a financial legacy for younger family members. She hopes that living her retirement dream will set an example by showing “the next generation that the choices they make early on can change not only their future, but the next generation as well”.
Athethile has much to look forward to with the dream “to visit another country as South Africa is the only country my feet have touched”.
As for when these dreams might come true, Brad expects to be forced to retire at 65 but hopes that “by the time I get there, it might be 70”. Then, he says, he might just start a whole new career, probably with a local charity or similar “doing good for others, helping others to have a little less stress in their life”.
Warren is less patient: “Using excellent vehicles like 10X I aim to not only preserve my wealth but to also grow it so that by age 50 I can choose whether to work or not.”
It is clear from 10X’s Dream Retirement competition that many people are trying to balance wishes for a life of comfort and adventure and their desire to help others. Some, like Catz, are planning to have it all: “The luxury side would be to travel, to experience the culture in different countries”, and, on what Catz calls the flipside, “to be more involved with animal welfare and to be a foster mum”.
Or, in Conrad’s words, “position myself financially to live the dream and then help others to do the same”.
Living the dream starts with a plan. Use 10X’s retirement saving calculator to make yours.
The content herein is provided as general information. It is not intended as nor does it constitute financial, tax, legal, investment, or other advice. 10X Investments is an authorised FSP (number 28250). The 10X Living Annuity is underwritten by Guardrisk Life Ltd.