Branch Manager of Databank, Tema, Abdul-Hakim Alhassan, has revealed that people can start planning their retirement as early as when pursuing their tertiary education.
The financial expert reasoned that this period should be the perfect time to start a retirement plan because most students at the tertiary level often receive stipends from their parents, family or friends.
He made this known in an interview with YFM’s Rev. Erskine on the Myd Morning Radio Show.
Furthering on why he believes it is right to start early, he shared: “When it comes to investing towards your retirement the whole idea is time. Time is your ally here. The more time you have the more money you are able to make the less stress you need to go through”.
Abdul-Hakim Alhassan also shared that starting a retirement plan from the time you start interning or working at a younger age is also a good option to reach your retirement goal.
“When you start your internship and your volunteering, whatever stipends that you are being given or whatever amount of money you are being paid, that is when you need to start for your retirement. Once you procrastinate for 5 years, whatever value that you are supposed to contribute towards a set of goals doubles up. The earlier you start the better for you and you might even cross that retirement goal that you set for yourself”, he added.
Retirement planning is the process of determining retirement income goals, and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, sizing up expenses, implementing a savings program, and managing assets and risk.
By: Alberta Dorcas N D Armah
