Retirement in Ghana under SSNIT Pension

Hi guys , as young adult I was asking myself this question that what will happen to me when I eventually retire from my work. I know most of you here has thought about it too. In Ghana, there is an act of parliament which binds every Ghanaian to proceed on compulsory retirement after attaining the age of sixty for men and fifty five for women. So when does one start preparing for retirement (Pension). There is an adage which says “ if you fail to plan , you plan to fail”. One must also be aware that, time spent is irrecoverable. Therefore, plan for retirement should be put in place right from the first day you receive your first appointment letter and salary. Things you can put in place before you retire from which ever work you are doing. You need to plan for your needs and wants. Some of the needs could be classified as food, shelter and clothing. These are the most essential aspect of human needs which must be prioritized in human development. Among the three priorities, shelter is the most essential need and much concern should be given to that. Where will you stay after retirement. For the sake of acquaintances one must move to where to stay after retirement at least three years before retirement. This will enable one to have new friends, get acquainted with neighbors and learn more about the cultural, environments in order not to be found wanting at the new environment. This also implies that one must acquire his or her own house before retirement. This is simply because we retire into a home but not a house. Such a place should be fully completed and fully furnished before moved into. There are merits when you go on retirement. 1. You will have enough time for the family. 2. One may get some start up capital to do some small scale business on his / her own. 3. Above all, have enough time for himself or herself. . There are some challenges so far as retirement is concern. So many people find it very difficult to proceed on retirement due to the following factors associated with pension. The following factors could be considered as demerits. 1. One may resist from going on retirement due to “fear of the unknown “. One may not actually know exactly what happens after retirement in terms of monthly allowance, lamp sum payment and even and where to take such benefits. 2. After retirement , one must move out if such a person is occupying government bangalow. Assuming you don’t have a house of your own what then is your faith. In conclusion , I say that pension or retirement is inevitable in human life and should be handled with the utmost care to avoid frustration or premature death. After sixty years of age one is prone to all kinds of diseases and shall need medical attention. This is the very time your take home allowance also becomes minimal which cannot meet your medical expenses . As we are young and energetic let’s all start to plan for our retirement. Steemit is here to help us . Let save more and spend less so that when we grow we spend more and save less.