• Public and private sector workers have been advised to cultivate a savings culture
• This, according to a financial expert, will help with retirement plans
• Afriyie Oware said all workers must consciously plan towards their retirement
Afriyie Oware, Chief Executive of pensions firm, Axis Pension Trust has advised workers to consciously plan their retirement to avoid being plagued with retirement poverty after active work.
He admonished citizens to also make it a conscious effort to set money aside towards their retirement and invest.
The financial sector expert speaking at an Annual Pre-Retirement Seminar held on September 17, 2021, to educate pensioners and workers on retirement, said an active saving culture was necessary to spare one of retirement poverty, which often led to financial constraints and untimely death after retirement.
“The saving habit must be cultivated and nurtured by all, be it those in formal employment or informal employment as retirement and incapacitation from work is not limited to only one group of workers”
Afriyie Oware also observed that as income inequality widened in society and graduate unemployment increases, the Ghanaian retiree bore a greater burden in sustaining families.
This, he said was imperative to empower each client, worker and pensioner with adequate knowledge and resources to retire well in a way that distinguished them from those who did not benefit from their retirement.
“We have plan which is a programmed withdrawal arrangement that provides a robust solution to help retirees prudently manage their retirement savings to last you longer” he added.
Meanwhile, Head of the Financial Planning unit at Axis, Mimi Anane-Appiah, emphasised the need for retirees to utilise various retirement solutions to create an additional stream of regular income, manage the shortfalls in retirement income and ensure steady growth of the initial lump sum amount.
The annual event brought together experienced and well-resourced experts to discuss various topics related to retirement needs, including health in retirement, what to expect at retirement, accessing your benefits from the various schemes and how to make your retirement income last longer.