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Making Your Money Last in Retirement

Employed people have lofty ideas of what they want to do once they retire. Some hope to travel the world, pursue investment dreams, or simply wake up late.

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Making Your Money Last in Retirement

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  1. Making Your Money Last in Retirement Making Your Money Last in Retirement Employed people have lofty ideas of what they want to do once they retire. Some hope to travel the world, pursue investment dreams, or simply wake up late. To many, retirement is a time to reward themselves. But reality hits home once employment ends. For one, they no longer have a monthly income, or employer-sponsored insurance cover. On top of that, one has to deal with the psychological effects of transitioning into retirement. Credit cards is available in kenya if you need then you can apply. During retirement, one of the biggest worries for retirees is running out of money. Those worries are valid; healthcare is expensive, there are things you can’t do without like food and shelter and utilities that have to be paid for. What if you outlive your money? Aeko Ongodia, who is the CEO of Xeno Investment Management, a Ugandan investment firm that offers financial advisory and management, says many retirees don’t know how or what to spend their pension on long enough to last them in retirement. “If you have retired and haven’t built a house yet, you probably can’t afford to, and it’s not the time to start because you will still need food, airtime, transportation and money for medical bills. Retirement money should be spent on everyday needs over time not for a car or a house,” he says. Xeno partners with NSSF-Uganda on a financial literacy programme called Financial Intelligence Programme to educate different age groups. For one year, NSSF had paid out money in lumpsum to people who were retiring. Just before they collected their retirement benefits they were asked ‘are you ready for retirement?’ 83 per cent said yes. One year later only two per cent had cash left. The rest could not account how they had spent their money, but when pushed they revealed it went to real estate; they were either completing building a house, had put it in a business or paid school fees.

  2. Contact Us: COMPANY NAME: KCB Bank ADDRESS: KCB BIASHARA, Biashara Street, Customer Care Desk,Nairobi,Kenya, Nairobi PHONE NUMBER: +254 (20) 2287000 WEBSITE: https://ke.kcbgroup.com/

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