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Ask most people to picture retirement and you'll probably hear about slow mornings, time with family and maybe a trip to a bucket-list destination. It's a lovely picture. But for many South Africans who've already made the move, the reality has looked a little different and cost a lot more.
In the 2026 FNB Retirement Insights Survey, 74% of surveyed retirees in the bank's Personal Banking segment said the cost of living in retirement had been higher than they expected. Nearly half said the same about healthcare.
None of this means retirement can't be a good chapter. It simply means those who've gone before have a few hard-earned wisdoms to share. Here's what they wish they'd planned for.
Reality 1: Everyday costs outrun your estimate
It's easy to assume spending drops once you stop working. No more commuting, fewer work clothes, fewer lunches out. And some costs do fall away. But essentials like food, electricity, municipal rates and insurance keep climbing year after year, and they take up a bigger share of the budget when you're living on a fixed income.
Retirees in the FNB survey also named housing costs and emergency expenses among their biggest surprises. This could be the geyser that bursts, the car that suddenly needs repairs or the roof that finally gives in. A single bill might not break the budget. Years of them, alongside rising prices, can.
Reality 2: Healthcare is the big blind spot
Healthcare woes come up again and again, with 46% of retirees saying it cost significantly more than they had planned for. There are a few reasons why.
- Medical costs rise faster than general inflation. South Africa’s medical scheme regulator acknowledges that private medical inflation generally runs 2% to 3% above CPI, and the gap can be even wider. For 2026, the regulator recommended a 3.3% cap on contribution increases, plus some allowance for higher healthcare use. The average increase was around 8.1%. Medical aid also doesn’t always cover the full bill, so co-payments and shortfalls can end up being paid out of pocket.
- We use more healthcare as we age. Older people tend to claim more often, see more specialists and rely more on chronic medication and hospital care.
- Chronic illness plays a bigger role. Conditions like heart disease, diabetes and stroke are increasingly common in South Africa, and they tend to show up later in life. In other words, we’re
Reality 3: Family doesn't stop needing you
Many people imagine retirement as the point where financial responsibility for others eases. For many South African retirees, however, it doesn't. In the FNB survey, 51% of over-60s in the Personal Banking segment said they'd been surprised by the financial impact of ongoing family commitments.
That might mean helping an adult child through a job loss, paying school fees for grandchildren or supporting ageing family members. These are often acts of love, and few people would choose otherwise. But they're rarely written into a retirement plan, which is why they can catch people off guard.
Reality 4: You may live longer than you think
South Africans today are living longer than previous generations did. Even if you’ve already reached retirement age, there’s a good chance you have many more years ahead of you than the averages suggest.
That’s good news, but it changes the math. Retirement is no longer a short chapter. For many, it may last two or three decades. Planning only to an average age carries its own risk, since plenty of people outlive it.
If you're worried you won't have enough
If reading this has left you feeling uneasy, you're not alone. 10X Investments' Retirement Reality Report (published in 2023) found that 29% of over-50s with a retirement plan said it was probably or definitely not on track.
Feeling behind is not the same as having no options. Many people continue to earn in some form after formal retirement, and an honest conversation with an accredited financial adviser can help you understand what's realistic for you.
Retirement, as it really is
Retirement rarely looks exactly like the postcard. But the more honestly you plan for real life, the more secure the years ahead can feel, and the more room there is to enjoy them.