As one gets older, one’s thoughts increasing turn to retirement, shedding one’s most pressing responsibilities such as working at a-full time occupation, caring for offspring and educating them, and all the other aspects of living a busy, active life with its accompanying pressures. Suddenly, retirement and retirement villages begin to occupy your thoughts.
In South Africa, there is no legislated retirement age whatsoever. This country’s Basic Conditions of Employment Act’s relevant clause only indicates that an employer is not permitted to discriminate against anyone because of age, amongst the other non-discriminatory laws. Termination of employment purely on the basis of age may thus be seen as unfair under Basic Conditions of Employment laws, providing that the incumbent is still physically and intellectually or mentally able to perform their duties satisfactorily. This implies that one’s retirement age should ideally be specified in an employment contract, likewise if it is a company or general industry policy. Alternatively, an employee’s future retirement age may be determined by mutual agreement.
55, 60, or 65 Years of Age
However, none of this means that there is no retirement age. Provident fund, retirement plan, and retirement annuity fund administrators stipulate the respective ages at which policyholders or members are permitted to begin drawing monetary benefits or income from their funds. Typically, the applicable ages are 55, 60, or 65 years, unless a person decides to retire early or remain working for longer. According to statistics from Trading Economics, South African men’s retirement age was 65 in 2008, falling to 60 the following year and remaining there up to and including March 2018. Among men, the average age was thus 60,45 years. Women, in turn, consistently retired at 60 years of age during the same period.
Considering One’s Options
One has various options to consider before going ahead with retirement. Income and perceived or proposed expenses are the most obvious and oft discussed, so we’ll not do so here, despite the fact that they play a major role in determining when, how, and where one will live in retirement. The options are:
- Stay on in your existing family home where you’ve been living, because you prefer that which is familiar.
- Downsize and consider smaller properties for sale, such as townhouse or cluster homes in security villages.
- Try to find suitable accommodation in a state, church, or other charitable organisation’s subsidised retirement home.
- Take a look at retirement villages or estates and give even more serious consideration to properties for sale there.
Pros and Cons of These Options
- Many family homes in South Africa consists of a large dwelling, set in a sizeable garden and with a swimming pool. Do you really want to continue all the cleaning and maintenance when retired?
- Units for sale in townhouse and cluster villages, though generally safe, may be noisy. There’s also no infrastructure for elderly people.
- Finding accommodation in a suitable subsidised retirement home is like the search for hens’ teeth. Moreover, one typically has limited private space.
- Units for sale in retirement villages, such as Featherwood Retirement Estate, are the ideal solution.
Property for Sale in Featherwood
Pretoria East has long been a sought-after part of the Jacaranda City. It’s no different today. This is also the location of Featherwood Retirement Estate, one of the most well-established retirement villages for mature singles and couples who wish to rent or purchase a home that’s perfect for their mature lifestyles. Best of all, there are still homes for sale in this lovely retirement village that has been developed amidst serene landscaped gardens.
Our location is superb, as are our retirement facilities. State-of-the-art security and healthcare services are tailormade for the needs of older people in 2-/3-bedroom sectional title apartments and assisted living residences – retirement village solutions for today and tomorrow.