Retirement is one thing that appear to be farfetched. Nobody talks about it. Many young people laugh it off. According to many youngsters, retirement age will never reach. They live in the fallacy that they will be young forever, which apparently is not true.
According to the University of Nairobi Vice-Chancellor, Prof. Peter Mbithi, retirement should start immediately an employee joins the workforce. Retirement should start with the first salary.
According to experts from Alexander Forbes, when an employee starts working at age 25 and they have to retire at age 60. They have 35 years to work and hence they have 420 salaries. This may appear to be many salaries, but ideally, it is not.
Speaking to one of University of Nairobi staff members who have only 5 years to exit the employment world, he confided in me that he was ‘employed just the other day’. He was shocked that the years have gone by. He is very much afraid to exit for he has not prepared well enough to face the retirement face of life where there is no more salary, benefits, house allowance, car allowance and paid trips.
Prepare now, retirement life is tough and painful.
It is upon us all to prepare for that day when the salary will not come forth as we have always been used to. Data from the Retirement Benefits Authority paints a very bad picture of previous employees and now retirees. 70 % of retirees die within the next 10 years after exiting the workplace. Another 20% live in poverty after exemplary life in employment and only 3% are financially rich and depend on nobody for their upkeep.
This picture calls upon us all to be financially wise. Put our money to good use.
Peter Oluoch and Dr. Chris Kirubi – Retirement Planning by Doxa Interactive Studio www.doxa.co.ke
According to one Dr. Chris Kirubi, he noted that money is a good employee. Money, when put in good use, is able to generate enough returns and forever enable you to ‘live happily ever after’.
How should one prepare?
Well, this is the beginning of our journey together. I will be sharing tips on finances, savings, investments, business as I download them from the wise, and I as do put them to practice on a daily basis. I can promise you that ardent readers of this blog will be millionaires as I become a millionaire and billionaire in the process. Please bookmark this blog. We shall walk together for a long time to come possibly 50 years before I exit the earth.
Peter Oluoch is a Creative Director, Doxa Interactive Studio, www.doxa.co.ke. He specializes in Website Design, Graphics Design and Printing and more so Video and Photography for Weddings and Events. Your friend is getting married? Call 0720969361 and alert him, and book Wedding Video and Photography. You will get 2K when the deal is sealed.