Seen Here: Ilse Smuts, Business Development Head at FNB Cash Investments, highlights the importance of aligning retirement planning with the lifestyle people want to enjoy. She encourages retirees to balance personal fulfilment and family commitments with responsible financial decisions that protect their long-term security. Photo Credit: Supplied
As family responsibilities, healthcare costs and the cost of living place pressure on retirement income, financial experts urge older South Africans to strike a balance between enjoying the present and protecting their long-term financial security.
JOHANNESBURG, 11 NOVEMBER 2026 – Retirement is often imagined as the reward at the end of a lifetime of hard work – a time to travel, pursue personal interests and enjoy more moments with family. But for many older South Africans, the reality is more complicated.
For a growing number of retirees, stepping away from formal employment does not mean stepping away from financial responsibilities. Many continue to support adult children, care for grandchildren and contribute to extended family households, all while navigating rising living costs and healthcare expenses.
The challenge is finding a sustainable balance: enjoying the freedom retirement should offer without allowing today’s spending decisions to compromise tomorrow’s financial security.
Statistics South Africa’s General Household Survey 2024 highlights the important role older generations play in family structures. It found that 4.2% of households are skip-generation households, where grandparents live with grandchildren, while 18.8% of children live with neither of their biological parents.
These figures illustrate the broader family responsibilities that can shape retirement decisions, particularly where older people provide financial and practical support to younger generations.
For retirees, this can mean making difficult choices about how much to spend on personal enjoyment, how much to contribute towards family needs and how best to prepare for unexpected expenses.
Financial wellbeing is about more than cutting costs
A financially secure retirement should not be defined solely by how much a person saves or how little they spend. It should also provide room for meaningful experiences, independence and personal fulfilment.
Ilse Smuts, Business Development Head at FNB Cash Investments, says retirement planning should reflect the lifestyle people want to maintain, while ensuring that essential needs and future commitments remain protected.
“Financial planning should support the life you want to live, not only the expenses you need to cover. Retirement should make room for loved ones, personal interests and enjoyment without compromising future financial security,” says Smuts.
Whether it involves travelling, dining out, pursuing hobbies, attending family celebrations or enjoying occasional entertainment, discretionary spending can form an important part of a fulfilling retirement.
The key, however, is intentional spending. Entertainment and leisure should have a defined place in the budget, with realistic limits that can be adjusted as healthcare costs, household expenses or family responsibilities change.
For retirees who enjoy gambling, this also means establishing firm time and spending limits and ensuring that money allocated to essential expenses, debt repayments and savings is never put at risk.
Know where your money goes
One of the most effective ways to protect financial wellbeing is to understand exactly how much money comes in, where it goes and what remains after monthly commitments have been met.
A clear picture of cash flow helps retirees make informed decisions about discretionary spending without compromising their essential expenses or longer-term financial goals.
This becomes particularly important during the festive season, when celebrations, travel, gifts and family gatherings can place additional pressure on household budgets.
Without advance planning, seasonal spending can lead to unnecessary reliance on credit or withdrawals from emergency savings.
Dhashni Naidoo, Programme Manager for Consumer Education at FNB, emphasises that financial plans should evolve alongside people’s circumstances rather than remain fixed.
She says changes in income, expenses, family responsibilities and personal goals should prompt regular reviews to ensure that financial plans remain practical and relevant.
“Regular reviews can reveal when rising costs, new family responsibilities or leisure spending are beginning to place essential priorities under pressure,” says Naidoo.
She outlines five practical guidelines to help retirees protect their financial wellbeing while continuing to enjoy life.
Seen Here: Dhashni Naidoo, Programme Manager at FNB Consumer Education, urges retirees to regularly review their finances and adapt their budgets as personal circumstances, living costs and family responsibilities change. She emphasises the value of intentional spending and practical financial planning in maintaining wellbeing throughout retirement. Photo Credit: Supplied
Five ways to protect your financial wellbeing in retirement
1. Understand what you can comfortably afford
Start by identifying essential monthly expenses, including food, housing, transport, healthcare, debt repayments and financial support for family members.
Prioritise these commitments, together with savings and provision for unexpected costs, before determining how much is available for leisure and entertainment.
A realistic spending plan helps prevent lifestyle choices from placing unnecessary pressure on retirement income.
2. Give enjoyment a place in your budget
Retirement should still make room for activities that bring happiness and fulfilment. Whether it is travelling, socialising, pursuing a hobby or enjoying entertainment, these expenses should be planned rather than treated as spontaneous purchases.
If gambling forms part of your leisure activities, establish strict time and spending limits beforehand. Never use money intended for household essentials, debt repayments or savings.
3. Make social connection part of your lifestyle
Enjoying retirement does not always have to come with a significant price tag.
Community events, walking groups, family visits, social clubs and shared hobbies can provide meaningful opportunities to remain active and connected without placing unnecessary pressure on finances.
Balancing paid activities with affordable alternatives can help retirees maintain an enjoyable social life while keeping spending under control.
4. Review your finances as circumstances change
A retirement budget should not be treated as a once-off exercise.
Changes in healthcare expenses, household costs, income or family responsibilities may require adjustments to spending priorities.
Regular financial reviews can help identify pressure points early, allowing discretionary expenses to be adjusted before essential commitments or savings are affected.
5. Recognise when spending becomes difficult to manage
Leisure activities should contribute positively to wellbeing, not create financial or emotional distress.
If gambling or another form of entertainment begins affecting monthly repayments, household bills, relationships, savings or personal peace of mind, it is important to recognise the warning signs.
Speaking to someone trusted or seeking professional support early can help prevent financial difficulties from escalating.
Enjoy today without compromising tomorrow
As the festive season approaches, retirees face another opportunity to put thoughtful financial planning into practice.
Setting expectations with family members, allocating money for planned celebrations and keeping funds available for unexpected expenses can help prevent festive spending from becoming a financial burden in the new year.
For older South Africans who continue to support multiple generations, these decisions are particularly important. Financial generosity towards loved ones should be balanced against the need to protect personal independence and ensure that retirement income remains sustainable.
Ultimately, responsible financial planning is not about eliminating enjoyment or turning retirement into a period of constant financial restraint. It is about making deliberate choices that allow people to experience the present while retaining control over their financial future.
“The goal is not to choose between enjoying life and managing your finances responsibly. It is about finding the right balance between the two. By planning ahead and making intentional spending decisions, you can enjoy the moments that matter most today without limiting your financial options tomorrow,” concludes Naidoo.
The message is clear: retirement should be a time to live fully, but financial freedom is best protected when every rand has a purpose.
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