Seniors share retirement plans, tell youth to start saving early

A section of retirees in Murang’a have shared their retirement plan and implore the youth to start saving in their heydays amidst the harsh economic times being experienced globally.

This comes as more working Kenyans in regular employment and their counterparts in the informal sector decry the inability to save for a rainy day owing to the fact that they have to dig more into their pockets to meet their basic needs.

In an interview with the Kenya News Agency, James Mwangi Kiarie, a resident of Maragua ridge noted that as a retired teacher, he faithfully contributed to his employers’ pension plan and eight years since he retired, his life has not changed a bit as he is able to meet his needs without a struggle.

“I also keep four dairy cows and goats, and a farm that I utilize through horticulture farming and even sell the surplus,” he says adding, “even when times are tough I just sell one goat or cow and life goes on”.

He notes that it is important for the young people, whether formally employed or not, to cultivate the saving culture and invest in continual growth.

“The economic recession has affected cash flow but that notwithstanding, it is paramount for one to live within their means and save something towards retirement,” he states.

On the other hand, Naomi Njoki Mwangi who is in her 70’s observes that in her youthful working years, she created several sources of income which have immensely benefited her as she can no longer work productively due to old age and failing health.

“I opened an agrovet store, bought some piece of land on which I have planted 300 Hass avocado trees and 200 mango trees which ensure I have a constant flow of income”.

She concurs that times are difficult but notes that it is important for one to plan early as what one saves today will determine the life one will live in retirement.

“I urge the young people, even those in self-employment like the boda boda industry, to ensure you plan for your future early for a smooth transition”.

She notes that leaving active employment can trigger stress and anxiety and compounded by an inability to meet one’s daily needs, it becomes a recipe for depression thus the need to plan early and save towards retirement.

“Do not get into get-rich-quick scams and high interest debts but try to live within your means as much as you can” she warns. Martin Kamau is in his early thirties and opines that he has already started planning for his retirement.

“Life has become difficult but we still try to make our future bright, I began by scaling down on funds that were previously going to entertainment and opened a fixed sacco account where I channel that amount every month,” he observes.

This, he says, will ensure he earns a passive income which he plans to invest in the near future.

He advises his fellow youth to be intentional about saving for the future now to avoid the crippling struggles that come in old age.