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Saving Ksh 25 Daily For Retirement: Is It Worth It?

BY Juma · May 12, 2023 11:05 am

KEY POINTS

The main problem with the majority of Kenyans is that they think they will never retire. They, therefore, give little consideration to saving for retirement. The truth is, retirement is as inevitable as death. Whether you like it or not, it will come.

KEY TAKEAWAYS

The saddest thing is that about 80 percent of Kenyans who do not save are within the informal sector. The majority of them do not consider themselves as "employees", whether self or employed. The worst is some think that their jobs have no retirement.

Scary stats indicated that at least 80 percent of retirees went back to looking for jobs and working due to the high cost of living and inadequate savings. The stats were both shocking and sad because that shouldn’t be the case with our senior citizens.

The stats were not far from what Kenya is known for when it comes to savings culture. Kenya’s savings rate is between 12 and 13 percent, way below the countries such as Uganda and Tanzania that have long crossed into 20 percent and above.

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Some people will say, “Nobody should force me to save for my future. It is my life.” Yes. It is your life but why would you willingly want to have a miserable future? Your old age should be golden. The days you will spend watching sunsets and thinking about life.

The saddest thing is that about 80 percent of Kenyans who do not save are within the informal sector. The majority of them do not consider themselves as “employees”, whether self or employed. The worst is some think that their jobs have no retirement.

Retirement has no limit. You cannot control when to retire. It comes. It comes daily. It comes at a time when you will no longer go to work. When you will be able to do nothing but just sit. You will either depend on others or your savings.

My message is to those in the informal sector; the boda bodas, the mama mbogas, those who sell mitumba, those touts in matatus… you too can save. The National Social Security Fund (NSSF) has a product called Haba Haba na NSSF that lets you save as little as 25 shillings daily with the option of topping up any time you want.

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

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com