You work for 40 years. You get your first job at 25 years, fresh out of campus – that is if you are lucky. You live in an urban setting, for example Nairobi. First house is a bedsitter. You marry, have children, take them to school – struggle to pay their university, take a mortgage or buy a plot and build a four-bedroom mansion. Your life is a rat race, paying bills for your family and also supporting your parents. By the time you put your head up, it is time to retire. Your employer declared you tired and retired. Ouch!
In Africa there is an unwritten rule that we MUST help our parents or those who took care of us. So many people at the end of the month have to send something back home. It is a vicious cycle. We know our children are an investment, they will also help us when we are old! That is how the African Pension works.
Have you ever imagined how your life would be after you retire from your current job? What if one morning you wake up and decide that you want to follow another path, perhaps relax and spend time with your grandchildren now that you are of age?
Or start your own company, business or anything that will see you live the life you so craved while struggling to make ends meet?
Everybody wants that. We all want a good life after we have toiled for years to ensure the bills are paid – kids have graduated from university, the dream house is paid off, you have earned your graduate or doctrate degree.
Well, sometimes it needs more than just the dream of a good life. It requires that you start working for the future – NOW.
You need to re-collect your mind, draw the right path and follow it. A lot can be done NOW. One of the things you certainly need is a pension plan.
That is why you are encouraged to start saving for your old age. At 60 years you should still be able to fuel your car, pay for a nice meal, go on holiday and buy yourself the latest smart phone without calling your child for money.
The biggest misconception many of us have is that pension is only for the people who have aged and have left their employment. This is not exactly the case. As long as you are 18 and above, you are entitled to pension.
Perhaps the only thing you need for you to enjoy these benefits at the lowest rate and in good time is the right partner who will offer the services.
Take for instance Enwealth Financial Services Ltd. Initially known as Liberty Pension Services Ltd, Enwealth today boasts five years of service and a growing number of customers thanks to the services they offer.
You can also save for retirement if you are not employed
Enwealth specializes in provision of pension scheme administration services, retirement benefits consulting services, retirement benefits and social welfare training services, employee benefits research and surveys, corporate trustee services, corporate principal officer and insurance.
Its products include Enwealth Keho Hela income draw down fund, Enwealth personal pension scheme and Enwealth diaspora and expatriates fund (for the Kenyans in the diaspora).
Perhaps there is the issue of how secure it is.
Enwealth CEO Simon Wafubwa will tell you that the organization is licensed by the Retirement Benefits Authority (RBA).
At Enwealth, you are also entitled to benefits as your retirement contribution continues. Such benefits are given at a reasonable rate, better than what other organisations give.
According to Wafubwa, saving is an attitude.
“There are four dimensions of capital; social capital, intellectual capital, spiritual capital and financial capital. If you happen to have all of them, you are the luckiest in Kenya,” Wafubwa advises.
Enwealth aims at dignified retirement for all. By the way good and dignified retirement for all of us is what we dream for.
If you decide to start saving now, you will break the African Pension cycle in your family and your children can save the money they would have sent you for their own retirement. Cheers to a good long life!