For many years, retirement planning has been built around a familiar milestone: reach age 65, stop working, and begin drawing an income from what you have saved. But for today’s retirees, that traditional view is no longer enough.
We believe retirement should be planned as a long-term financial journey, not a single event. The question is no longer simply whether you have accumulated enough capital by retirement age, but whether your plan can support your lifestyle, income needs, healthcare costs and legacy goals for the decades that may follow.
A Longer Retirement Than Ever Before
One of the biggest shifts we face today is longevity. Many people are now spending 30 years or more in retirement.
That means retirement is no longer a short “rest period” after a lifetime of work, it is effectively a second life stage that needs just as much planning, structure, and financial resilience as your working years. A person retiring at 65 may need their savings to provide income, absorb inflation, fund healthcare costs and withstand market cycles for another quarter of a century or more.
This is why we encourage clients to think of retirement as a new financial phase rather than a finish line.
A longer retirement means your money has more work to do.
The Hidden Risk in Traditional Planning
Most retirement models still follow what is known as a “glide path”, a steady reduction in investment risk as you approach age 65.
While this may seem sensible, it can create unintended consequences:
- Investments may become too conservative too early
- Growth potential is reduced when it is still needed
- Portfolios may struggle to support income over extended lifespans
In short, the old model assumes your financial journey ends at retirement, but in reality, it is only entering a new phase.
The Advice Gap
Another concern raised is that very few retirement fund members, around 11% actually receive professional advice.
This is significant. Without tailored guidance:
- Investors rely on defaults that may not suit them
- Critical decisions (like drawdown rates or asset allocation) are often made without context
- The risk of outliving savings increases
This reinforces something we strongly believe personalised advice is not a luxury, it is essential.
Retirement Is No Longer a Hard Stop
The idea that retirement happens at a single, fixed age is increasingly outdated. Today, we are seeing:
- Clients working beyond 65
- Phased or semi-retirement approaches
- Multiple income streams in later life
Retirement has become flexible, dynamic, and deeply personal.
A More Modern Approach
So, what should retirement planning look like today?
At Wealth & Asset, we encourage a shift in mindset:
- Plan for longer lifespans (into your 90s and beyond)
- Maintain growth exposure, even in retirement
- Align financial plans with lifestyle goals not just age
- Review and adapt your plan regularly
- Seek ongoing, professional guidance
A modern retirement plan should also consider the wider picture: tax efficiency, estate planning, medical expenses, dependants, emergency capital and the possibility that spending patterns may change over time. The early years of retirement often look very different from the later years, and the plan should be able to adapt accordingly.
Questions Worth Asking Before Retirement
If you are within five to ten years of retirement, these are some of the questions that should form part of your planning conversation:
- What level of monthly income will I realistically need?
- How much of that income must be guaranteed?
- Can my plan withstand inflation, market downturns and rising healthcare costs?
- Will I still need growth assets after retirement?
- How often will my retirement income plan be reviewed?
Final Thought
The reality is simple:
Retirement is no longer a finish line at 65, it’s a long-term journey that demands flexibility, thoughtful planning, and the right advice.
If your plan is still built around outdated assumptions, now is the time to revisit it.
Adapted from insights by Motlatjo Seima, Citywire South Africa (15 June 2026). [citywire.com]
