Planning has to be done for both the good times and the bad times. Provision for the more difficult times should take precedence. These include the untimely death of a breadwinner or spouse, permanent disability or prolonged illness.
Most working people dream about a carefree retirement, but the reality is quite different for the majority of retirees. Long-term research indicates that, out of every 100 working South Africans, the situation at age 65 would be as follows: