World population, debt and retirement savings

World population, debt and retirement savings – what you need to know

Statistics SA have released a study about the world population to mark World Population Day, which was celebrated on the 11th July, and compared South Africa to the rest of the world.

Some interesting figures from the report:

The SA population is at almost 58 million, and there are 7.7 billion people in the world. This means that in SA, we have less than 1% of the world’s population.

The study predicts that the world population will reach 8 billion by 2030.

There are several reasons for the world population increasing at a rapid rate. An important question to consider is why the population is increasing so fast.

People are being born all the time, so it seems obvious that that is the reason for the increase.  But, people die as well. Surely that should balance out, right?

No, there are more people being born and fewer people dying because safety, healthcare and medicine are getting better and people are living a whole lot longer.

The number of births is increasing and the number of deaths is decreasing, which is accelerating the population growth.

What does population growth mean for the people?

Apart from the fact that space in the world is becoming less and less, a really interesting fact to note is that people are living longer and longer as medicine gets better and as diseases and epidemics are better controlled.

Which leads us to consider retirement. If people are living longer, they need money for longer after retirement. This means you have to save even more money for your retirement. This makes it even more urgent if you haven’t saved enough or if you haven’t started saving for your retirement yet.

How to start saving for your retirement

First, take a look at your debt. If you have any debt, read more here on how to get out of debt.

It’s often very difficult to save or have a retirement plan if you are always in and out of debt and particularly if you are overloaded with debt.

If you need assistance, try speaking to financial advisor, so that they can make a plan that is specifically for you.

Some people have a paid up house, so they do not worry too much about housing in retirement. Others want to have R20 000 a month when they retire or they need R50 000 a month. In cases like these, it is best to get someone you trust to work out a plan that is designed for you.

READ MORE: Does debt counselling really work?

If you have problems with your debt and want to get out of debt, contact RD Debt Counselling today.

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