'Retiring is an illusion' - Most South Africans won't be able to retire at 65

Gugs Mhlungu spoke to resident Certified Financial Advisor, Paul Roelofse.

Listen to their conversation in the audio clip below.

If you believe 65 is the age at which you will retire, think again.

The harsh reality is that most South Africans don't have enough money to retire.

"Less than 10% of people have enough provision at 65."

- Paul Roelofse, Certified Financial Advisor

Roelofse says the question of when to retire is not a practical one for the majority of people.

He adds that the only options available to most of us are either relying on family, the government or continue working for as long as our health allows.

"Retiring is an illusion..."

- Paul Roelofse, Certified Financial Advisor

"I think we have this mindset where you hang up your work keys, take pension, and then read the paper, go play golf, travel and do all those other things...but what happens in the next month and after that when you've done all the travelling and played as much golf as you possibly can and you've read as many newspapers? There's got to be something more that you get up in the morning for..."

- Paul Roelofse, Certified Financial Advisor

"There's generally a pullback on the cost of living when you retire but you also can't ignore the amount that you're going to need to be on retirement. You can't underestimate the impact of inflation down the road."

- Paul Roelofse, Certified Financial Advisor

Scroll up to listen to the full interview.