Why Saving For Your Retirement Shouldn’t Hurt

Living a zero financial stress life could be the best life anyone would want to live. This can only be achieved through proper planning of your finances in advance, otherwise, your life which was supposed to be a happy journey may turn into struggles.

Starting to save for your retirement as early as in your 20s is the best action you would have taken since your money will have enough time to grow and work for you in the future.

Getting to your fifties or even sixties without any financial plan will lead you to a stressful life because by then your financial status will be the key determinant of whether to retire or continue working. The process may seem daunting to some of us, but it is important to keep in mind the benefits of retirement planning.

Some of these benefits include:

Early Retirement

Once you have socked enough money, the next thing you would probably think of is stepping out of that company and living your best life. You won’t have to wait until you get to a certain age to retire from your job once you are sure the plan will sustain you for the rest of the years.

Peace of mind

You will not be worried about any future financial crisis because your money is already working for you. The best part is that at this point you won’t be a bother to any friends or family when you are not working since you will have a sense of financial independence and freedom.

Your investments will have had the chance to grow, meaning that your income will be higher than it would otherwise have been.

Emergencies

Emergencies hitting along will not feel difficult to deal with since your savings will cushion you from the unplanned crisis. You may also want to help your loved ones in various areas such as helping in paying school fees for their kids, meaning they will be able to benefit from some of the money you have saved while ensuring that your own needs will be taken care of in your old age.

You can avoid debt

A person who retires without a financial plan may be burdened by uncountable debts. This is because it may be difficult to manage your daily needs on a reduced income. But the good news is this can be avoided if you start saving for retirement early on.

Why the Process Shouldn’t Hurt?

Saving for retirement shouldn’t be a painful process because you can save any amount depending on your income. You can start with as low as 25 shillings. Twenty shillings is affordable and you would be surprised how your money will have multiplied by the time you get to your retirement age.

There are avenues where you can save as little as 25 shillings a day. An example of these avenues is the Haba Haba na NSSF product. The package gives members in the informal sector a chance to save a minimum of 25 shillings a day with the option of withdrawing 50 percent of their contribution after consistent contribution for 5 years.

Haba Haba na NSSF is an informal sector product that aims to empower small and medium enterprises. It offers a convenient way of addressing the needs of prospective, present, and future NSSF members in the informal sector while increasing coverage of Social Security for all Kenyans.

The product is available for everyone in the informal sector- from mama mboga to all other MSMEs, offering several benefits to all registered members.

Why Haba Haba na NSSF is the real deal for anyone committed to securing their future

1. It is easy to make contributions to members’ savings as all payments can be done through M-Pesa.
2. Members can access their statements without having to visit the branch, all they need is just access to a mobile phone.
3. Helps members navigate tricky situations and helps them meet financial obligations.

How to Register for Haba Haba na NSSF 

Registration for Haba Haba na NSSF is very easy. You can get started with the USSD code *303#.

This USSD code will allow you to:

• Register as an NSSF member
• Register for the informal sector product (Haba Haba)
• Check your NSSF statement
• Make contributions and top up your savings
• Follow up on Benefit claims
• Pay Tenant Purchase Scheme

To make it even easier, there are direct ways to achieve some of the functions on the USSD. They include:

• *303*1# for registration
• *303*2# to access the informal sector products
• *303*3# for the Tenant Purchase Scheme

Will all that said, thanks to the National Social Security Fund (NSSF) for ensuring that everyone is covered by introducing such an imperative product, which provides a holistic approach to Social Protection by providing a retirement benefit, social insurance cover, permanent disability cover, funeral expenses cover, and a sickness benefit cover.

Related Content: The Sooner You Plan For Your Retirement, The Better