Foresight is the ability to predict what will happen in advance so that we can ‘future proof’ ourselves and the world around us to mitigate any potential (future) negative impacts. This is not that simple because we operate in a world where regulatory reform is accompanied by mass uncertainty. Employee Benefits as an industry exists to the extent that South Africans are employed and are contributing to retirement funds.
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With hindsight, up until now the research has largely reflected our ability to understand the retirement fund industry events after they have happened. Our insights have been mainly retrospective as we’ve analysed long-term trends and the potential impact they would have on the future of retirement funding. This is a critical path to understanding ourselves and the world in which we operate. Foresight is the ability to predict what will happen in advance so that we can ‘future proof’ ourselves and the world around us to mitigate any potential (future) negative impacts.
My idea of retirement simply means not working for a corporate any longer. Doing my own thing now is my version of retirement
Before I started working I had this dream, I want to retire when I am 30 that means I am 1 year away from retirement. So I am thinking another 11 more years in the industry until I am 40. Then maybe doing something on the side line, opening a business or doing some consulting on the side.
It gives me peace of mind that I have a decent retirement nest egg. When I reached the R1 million mark it was a huge achievement for me.
In my career there is no one in particular that inspires or motivates me. I believe that this is just a point in time in my career path that will lead me to the next 5 years.
I am not currently making provision for post-retirement medical aid and this is a concern for me.
If I don’t have enough money in retirement I would have to get a 2nd career, worst case scenario I would have to go on a lower medical aid plan i.e. one that I can afford.
Simply put, I can either increase my income or reduce my expenses. So in retirement, my hobby (woodwork business) can potentially cover medical aid contributions for me and my wife.
We often say that we want to reach a certain level of replacement ratio. We want to eat down that capital to zero on the day we die. I ask why can’t we just let that thing keep growing? Instead of what we’ve done? We’ve brought future consumption forward, we’re making it tomorrow’s problem.
The theme for the 2017 Benchmark Symposium was Turning Hindsight into Foresight.
The theme for the 2016 Benchmark Symposium was Rethinking Retirement through a New Dimension.
The theme for the 2015 Benchmark Symposium was A Future Worth Saving.
The theme for the 2014 Benchmark Symposium was Retire Another Day.
The theme for the 2013 Benchmark Symposium was Day One.
The theme for the 2013 Benchmark Symposium was Saving Heroes.