Retirement is something that’s fairly easy to put off and worry about later, after all, everything will sort itself out in the end, right? Well… what if it doesn’t? Usually under relatively normal conditions, planning and preparing for retirement, estimating how much to save and when to retire and coming up with effective financial strategies after retirement are very difficult. These decisions can be further complicated in times of economic uncertainty, high rates of unemployment and unforeseen health concerns or family circumstances that may lead someone to retire earlier than planned.

The COVID-19 pandemic has had a devastating impact on the working global population more so those in employment whether permanent or contractual. Jobs have become seasonal and no one knows when they are going to be laid off or lose their jobs. The pain is most acute for those who have lost their jobs and no longer have access to retirement plans which frequently offer automatic deductions and employer matches. But even those who are still employed have been hurt. Many employers have instituted pay cuts that limit workers' ability to contribute to such plans. And in some cases, employers have reduced or eliminated their matching contributions. The worsening economic situation means that many employees may be forced to tap into their retirement savings to stay afloat.

Early planning for retirement is critical because it typically takes many years to accumulate the necessary funds to live comfortably when you no longer enjoy the advantages of a salary. The NSSF Act, 2013 is intended to ensure that Kenyans can save for retirement. However, no matter how much you want to keep working for your entire life, it is no excuse to not save for retirement. Having that money handy prepares you in case you retire earlier than anticipated.

Retirement planning is ideally a lifelong process. You can start at any time, but it works best if you factor it into your financial planning from the beginning. That’s the best way to ensure a safe, secure—and fun—retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you’ll get there.

It’s against this background that the African Institute for Capacity Building and Training is pleased to invite the following to an upcoming seminar on:

Retirement Planning and Financial Management Strategies After Employment to be held at the Eseriani Resort Naivasha, Nakuru County as from: 22ND – 26TH MARCH 2025