Every week brings another headline about financial risk. In September, Old Mutual's latest Savings & Investment Monitor reported that more than half of South African retirees fear rising living costs more than any market event. It's hardly surprising - groceries, electricity, rates, medical aid and even a simple lunch out have all crept up faster than pensions.
These are real concerns. But after years of working with retirees, I've come to believe that one of the biggest risks to a successful retirement is far less obvious.
It's isolation.
Most people spend decades inside a structure, a business or a practice: work routines, colleagues, customers, deadlines, family responsibilities, and the constant sense of being needed. Then retirement arrives, and many of those familiar anchors disappear overnight. The alarm clock stops ringing. The phone stops buzzing. The business golf tournaments vanish. The daily interactions that once shaped your identity fade away.
Research from the Human Sciences Research Council - and similar studies worldwide - show the same pattern: strong social connections are closely linked to better physical health, improved mental wellbeing, and longer life expectancy. In many cases, staying connected may be as important as managing your finances.
This is especially true in towns like ours. One of our town's great strengths is its sense of community. Whether it's bowls, bridge, church groups, volunteer projects, or simply watching rugby or cricket at your favourite pub, there are countless ways to stay involved. Many retirees underestimate how much these small interactions matter until they stop.
Retirement should never be seen as the end of one's productive years. It's a transition into a different kind of contribution. I've seen retirees start a second career, monetise a hobby, become mentors, caregivers, volunteers, community organisers, or simply the glue that holds extended families together. Experience doesn't retire - it simply changes shape.
From a financial planning perspective, purpose matters too.
People who remain active and engaged tend to approach their money differently. They plan more intentionally, spend more thoughtfully, and maintain a clearer sense of what their money is meant to achieve. Financial security is important, but money is ultimately a tool. Its purpose is to support a meaningful life, not replace one.
This doesn't mean every day must be busy. Rest has its place. But retirement works best when there is something to look forward to - a social gathering, a community project, learning a new skill, travelling, or simply helping a neighbour.
As we age, it becomes tempting to wait for opportunities to find us. Yet some of the happiest retirees I've met are those who continue saying "yes" to new experiences and new relationships.
The value of a retirement portfolio will rise and fall. The value of friendship, family, purpose, and community is far more enduring.
So perhaps the question isn't only whether we have enough money for retirement.
Perhaps the more important question is whether we are building a retirement worth waking up to.