Rewarding healthy living can help clients finance a much longer retirement term

By encouraging people to be healthy and rewarding them for it through our retirement products, we provide the extra funding that increased health implies, but even more strategically, we encourage clients to develop the added advantage of health they will need to succeed in the rapidly changing world we're living in.

We should all be aiming for both a funded and an enjoyable retirement. The healthier we are, the more likely we are to achieve both. Our retirement products encourage the most impactful behaviours towards a successful retirement, such as healthy living, safe driving and better money management.

Rewarding healthy living before retirement...

In the Discovery Retirement Fund, employees' contributions receive boosts of up to 15%, based on their engagement in Vitality, Vitality Drive and Vitality Money. These programmes reward lifestyle choices that have proved to materially affect health, driving risks and debt.

By adding boosts to retirement funds, people are incentivised to change their behaviour for the better. This then funds the retirement savings gap created by improving their health. "By moving from average to excellent health behaviours, you could increase your expected retirement term by about three years," says Craig Sher Discovery Invest's Head of R&D.

To fund this, you need an extra 11% saved at retirement - and this can be more than covered by the up to 15% monthly boost to contributions.

...as well as after retirement

Our Living Annuity adds a boost to clients' income in retirement of up to 50%, based on their Vitality status and withdrawal level, allowing them to receive the same level of desired income and have their retirement savings last longer in retirement. This could result in an extra 29 years of retirement funded by the same lump sum.