By Ernest Nutsugah
Accra, Feb. 24, GNA – Workers in the formal and informal sectors have been urged to seek expert advice on retirement planning to secure their future beyond age 60.
Mr Yaw Korankye Antwi, a pensions, investment and management consultant, made the call at the launch of his 154-page book titled “Retiring Richly; How Not to Retire Poor” in Accra.
He said the book was inspired by insufficient knowledge on retirement planning, drawing from his 20 years’ experience in pension fund management and professional engagements with retirees and workers.
The publication outlines the essentials of retirement planning, optimisation of retirement income, types of pension schemes and Ghana’s pension framework.
Speakers at the event underscored the need for deliberate and consistent pension planning towards financial security after active service.
“A fulfilling retirement is not a gift. It is a reward for planning, and you must work to achieve it…
“Financial security does not merely depend on making ‘big money’ but also depend on your mindset, having a plan and a will to implement the plan,” Mr Antwi stated.
He expressed the belief that the book would serve as a reference material for companies, pension schemes, schools and individuals, and thanked those who supported the six-year effort to publish it.
Mr Emmanuel Dagbanu, Director, Informal Sector, National Pension Regulatory Authority (NPRA), cited lack of awareness, mistrust in financial systems and non-compliance by some contributors as factors undermining retirement planning.
“After you have retired at 60 years, there is the likelihood that you can still live for many years. So put something down for your future from the little you get from whatever you do,” he noted.
Mr Seth Obiri, Managing Director, United Pension Trust, expressed concern over delayed enrolment on pension schemes by workers, saying it could erode investment returns.
He advised individuals to enrol on personal pension plans in addition to statutory contributions to the Social Security and National Insurance Trust (SSNIT).
“We take things for granted; we go on voluntary retirement without planning; we go and withdraw our pensions for other needs…
“Some of us don’t request statements from SSNIT or update our beneficiary data…these are some of the issues that affect us…You cannot have one source of investment, you have to think about other sources as well,” he said.
Mr Obiri called on employers, pension trustees and regulators to intensify public education on retirement planning and pension benefit calculations.
Prof Kwasi Opoku Amankwah, former Director-General, Ghana Education Service, said retirement planning should begin on the first day of employment and commended the author for sharing practical knowledge.
Mrs Freda Ampofo, Operations Coordinator, SSNIT, reaffirmed the organisation’s commitment to providing income security for all categories of workers and enhancing awareness on retirement planning.
“Security at retirement does not begin at 60; it begins way before that.…When an employer pays SSNIT contribution, he is not only fulfilling a statutory requirement, he is actually protecting families.
“Retirement poverty is rarely accidental it is often the product of delayed decisions, insufficient planning and limited information.
“The book offers a powerful counter message that with discipline, knowledge and foresight, retirement can be secured,” she said.
GNA
Edited by Kenneth Sackey