As certain as death is to the living, so is retirement to the employed, including the self-employed. Statistics show that lack of a retirement plan results in old-age poverty and a short-lived retirement period.
For one to be financially independent in retirement, one needs to prepare adequately by setting aside funds to take care of them during their years of retirement.
Statistics have also shown that people are living longer in retirement. For the sake of life after retirement, one needs sustenance to cope with expenses at that age. It is not only good for self but also for the family, community, and economy at large because it alleviates dependence.
When should one start saving for retirement has been of key interest in recent retirement planning discussions? As soon as one starts to generate an income then one must immediately envision their retirement form that income source. That will be on your first salary when you get employed or the first cheque you make in business.
Retirement planning isn’t just about money. It is a deliberate course of action towards a comfortable retirement outcome. It is thinking through one’s desired life in retirement and setting out a strategy to get there. It is holistic in nature so that one incorporates the physical, social, and mental aspects of preparation as well. It requires continuous monitoring and progressive review for an objective outcome.
Insurance penetration is generally low in the country and so is saving in general. Little if any is going towards saving or investing for our retirement. It is about our mindset and culture. In nature as human beings, we tend to prefer instant gratification and are blinded to the potential gains of delayed gratification. We value present rewards at the expense of future exponential gains.
More education and sensitization about financial literacy will go a long way in bringing on board those yet to be covered by retirement schemes in the country. Better structured product offering – It has to make sense why someone should consider saving over spending.
Changing employment structures has also constituted to lower uptake of retirement savings. Talking about short contractual employment, gig-economy, etc. There is a need for restructuring the products on offer for us to achieve better financial inclusivity for the uninsured lot within the population.
Join us for a workshop on Planning and Investing for Retirement with Michael J. Gachanja Wanyeki, Business Development Manager-Retirement Benefits at Prudential Life Assurance Kenya on Tues, 5th July 2022, 10 am-11:30 am.
During the session you will learn:
RSVP your attendance and see you then
When:Tues, 5th July Time:10:00 am RSVP: Livestorm
Michael J. Gachanja Wanyeki is a Business Development Manager, Retirement Benefits at Prudential Life Assurance Kenya Ltd.
Michael is an experienced retirement benefit expert with over 11 years of experience in the management of retirement benefits schemes at both investments and administration of member benefits.
A Fellow of the Secured Retirement Institute (FSRI) with a master’s in Finance and investments. Michael has a certification from the College of Insurance under the Trustee Development Program of Kenya and served as a board member in the CIC Staff RBS offering governance and oversite roles.
Michael is participating in the growth and development of the retirement benefits industry through his active participation as a member of the Association of Kenya Insurers Pensions Committee. He has written an article about retirement planning published in Nation Africa, interviewed on NTV and Hope FM radio about the same topic, and interviewed on KTN about youth saving for retirement.
Michael has conducted many talks and training about retirement benefits schemes and retirement planning to boards of trustees and members of refitment benefits schemes.
When:Tues, 5th July Time:10:00 am RSVP:Livestorm