South Africans know they should start planning for retirement earlier, save more, preserve their retirement money when they change jobs and get professional advice before making big financial decisions. The problem is that real life keeps getting in the way.

The 45th Sanlam Benchmark Survey, released this week, found that South Africans believe retirement planning should start at around age 35. In practice, however, retirement fund members only start engaging with their retirement fund 3.4 years before they stop working. They seek financial advice, on average, just 20 months before retirement.

By then, many of the decisions that shape their retirement have already been made.

The 2026 Sanlam Benchmark surveyed 76 stand-alone funds, 130 umbrella fund employers, 30 pensioners who retired four to five years ago, and 600 consumers who are nearing or in retirement.

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The findings do not suggest that South Africans are indifferent to retirement. If anything, they show a population that understands the need to save, but is being forced to make short-term decisions under pressure.

Kanyisa Mkhize, chief executive officer of Sanlam Corporate, says retirement confidence is not built in the final years before leaving work. It is built over decades through the decisions people make along the way, including preserving savings when they change jobs, increasing contributions where possible and managing debt.

"Retirement planning also does not stop when someone leaves work. The first few years after retirement are critical, because that is when...