Branch Manager of Databank, Tema, Abdul-Hakim Alhassan, has explained why people fail to make a retirement plan.
Abdul-Hakim Alhassan noted that the main reason for this phenomenon is the lack of education.
Speaking to YFM’s Rev. Erskine on the Myd Morning Radio Show, he shared: “Ghanaians are not really receptive to retirement plans and it is not because they don’t want to retire comfortably but I believe the education isn’t there like that so most of them put it off for later”.
The financial expert educated that while some at their retirement age rely on friends, family, charity or SSNIT, others go on to work more to sustain themselves.
On his accord, the retirement period should be a time when one rests after thirty or more years of working. He thus noted that to reduce the occurrence of retirees working to sustain themselves, they are educating the youth on retirement plans now.
He furthered that at Databank, they pride themselves on educating the people on retirement plans before these persons reach the retirement age.
“When you are dealing with people in terms of business and they are not on the same page with you it is very difficult to pass on what you would give to them. So, we try as much as possible to give them the education especially when it comes to retirement”, 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
[08:30, 06/04/2021] Joel Sanco: Financial expert tips on how to retire without debts
Branch Manager of Databank, Tema, Abdul-Hakim Alhassan, has cautioned the youth and working-class generally to plan for things that they need or may need in life so that they do not go into retirement with debts.
Interviewed on Y107.9FM’s Myd-Morning Radio Show, he shared with the host, Rev. Erskine that a lot of people have the habit of buying things on credit and paying in instalments but this according to him, only leaves people with debts to settle even after retirement.
He, therefore, advised that the best thing would be to avoid such offers of buying on credit, although it is not easy, and instead make a plan to save as much money as is needed to buy the item.
“Try as much as possible not to carry debts into retirement. You want to buy a laptop, you take it on credit and pay in bits. You want to own a home, you do the same. Try as much as possible to plan towards these things so that you don’t take them into retirement.
Some people take a mortgage, they cross into retirement and they still have to pay for that mortgage in retirement. You should try as much as possible to have that financial plan so that you don’t take all these debts into retirement”, he cautioned.
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: Maureen Dedei Quaye
