Will you be pottering around in a leaky row boat when you retire or will you be cutting through the water in a high-powered launch.
Although no one really knows the real figure, less than five people in every 100 will retire with much more than the R410 a month doled out by the government to the destitute elderly.
Michael Katz's commission of inquiry into the restructuring of the taxation system and the Guy Smith's committee of inquiry into retirement have highlighted the problem.
Neither Smith nor Katz have waved any magic wand to solve the problem of retirement and government is definitely not proposing to provide any solutions beyond the nominal help that goes to the destitute.
South Africa, for the foreseeable future, will be unable to afford the type of assistance seen for the elderly in many developed countries.
The debate within the retirement industry over government suggestions and the recommendations of the Katz Commission and the Smith Committee, has tended to muddy the waters with a plethora of often confusing technicalities.
The underlying message is that if you have the luxury of a job, you have to look after yourself. The Katz recommendations on taxation will make the task just a little more difficult.
This means that if you don't want to consider a can of dog food as a luxury you have to start planning for retirement as soon as possible.
Although membership of a pension or provident fund helps many people make the mistake of thinking that their contributions will ensure a comfortable retirement, in most cases this is not true. You need other savings plans to make up for the shortfall.
Wessel Vermaas, senior manager of financial advisory services at Metropolitan Life, says the problem of inadequate pensions is made worse by the fact that very few people stay in one job all their working lives and build up a solid retirement benefit.
The average term of employment with any one employer is 15 years.
"Many people, when switching jobs, spend their withdrawn retirement contributions rather than reinvesting them."
On top of this, the majority of pension funds pay out only the member's contributions plus nominal interest when a member resigns, without adding the company's contribution unless there has been lengthy service.
The sooner you start saving for retirement the better it will be for you. Figures published in Personal Finance show just how tough it is to recover if you leave retirement planning until even the last 10 years of your working life.
The closer you get to retirement the less you can take risks in investments giving or promising higher returns. If you start when you are younger, you can afford to take risks. You will also have the power of compound interest working in your favour. The result is, you will have to dig less deeply into your own pocket.