Ugandans should plan early for retirement
Apr 17, 2008
Worldwide sampling by the international consultants found one in every three clients believed they could survive in retirement on an income almost 30% less than what they had actually needed.
Wanjala Masinde
Worldwide sampling by the international consultants found one in every three clients believed they could survive in retirement on an income almost 30% less than what they had actually needed.
It is estimated that only 5% of Ugandans would be able to live comfortably in retirement.
Everyone in their 30s should visit government-run retirement homes to experience what happens when you run out of money in your 70s, because gradual retirement over a few years can help financially, and voluntary work can keep the aged busy.
Start planning for retirement; how you want to retire, how you should prepare emotionally and what new skills you should learn.
Do not underestimate the emotional shock of retiring from full-time work, especially if you do not have plans of how you are going to spend your time and focus your energy.
Keep redefining yourself. At 60, you have years of wisdom; you should have learnt from your mistakes. Most small businesses that are started at 60 are successful. You need to develop new knowledge and skills to tackle new challenges which keep you on your toes.
It is not only money that can hold you back when you are old, but social interaction also reduces stress and creates a feeling of safety.
Travel, discover new places, read books by new writers if you do not have to travel and pay attention to your spiritual life.
Are you on the threshold of retirement? It is precious. the start of something new and architect does not necessarily mean you should find some where new to leave.
BBC found only one in 10 people of advanced age had lived in an old age home. Up to 85% of the pensioners in Uganda live with there children and grand children — “young and old make a formidable teamâ€.
Enthusiastic young people: Not all the people should organise social events for the elderly. Take them to sports and help them learn and use new technology such as computers and cell phones.
As in the African tradition, older people should be at the head of the household and be respected by the young people.
They should be involved in important decisions in the community and be the source of knowledge and experience. You never know, the model carrier you dreamt of at a teenage age might be waiting for you at 80 years old.
The writer is member of Sharing Youth Centre, Albertina and Walter Sithulu Institute Ageing Africa
Worldwide sampling by the international consultants found one in every three clients believed they could survive in retirement on an income almost 30% less than what they had actually needed.
It is estimated that only 5% of Ugandans would be able to live comfortably in retirement.
Everyone in their 30s should visit government-run retirement homes to experience what happens when you run out of money in your 70s, because gradual retirement over a few years can help financially, and voluntary work can keep the aged busy.
Start planning for retirement; how you want to retire, how you should prepare emotionally and what new skills you should learn.
Do not underestimate the emotional shock of retiring from full-time work, especially if you do not have plans of how you are going to spend your time and focus your energy.
Keep redefining yourself. At 60, you have years of wisdom; you should have learnt from your mistakes. Most small businesses that are started at 60 are successful. You need to develop new knowledge and skills to tackle new challenges which keep you on your toes.
It is not only money that can hold you back when you are old, but social interaction also reduces stress and creates a feeling of safety.
Travel, discover new places, read books by new writers if you do not have to travel and pay attention to your spiritual life.
Are you on the threshold of retirement? It is precious. the start of something new and architect does not necessarily mean you should find some where new to leave.
BBC found only one in 10 people of advanced age had lived in an old age home. Up to 85% of the pensioners in Uganda live with there children and grand children — “young and old make a formidable teamâ€.
Enthusiastic young people: Not all the people should organise social events for the elderly. Take them to sports and help them learn and use new technology such as computers and cell phones.
As in the African tradition, older people should be at the head of the household and be respected by the young people.
They should be involved in important decisions in the community and be the source of knowledge and experience. You never know, the model carrier you dreamt of at a teenage age might be waiting for you at 80 years old.
The writer is member of Sharing Youth Centre, Albertina and Walter Sithulu Institute Ageing Africa