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9 reasons why retirement planning is essential

The Managing Director of EDC Investment Limited, Paul Mante has shared insightful tips on how one can manage financial resources to their advantage and retire with a healthy bank balance.

In another edition on the Effective Living Series on Citi FM, on Thursday which centred on Retirement, Mr Mante shared nine tips on why it is essential to have a retirement plan during your working life.

Nine tips why it is important to plan for retirement;

  1. Low Pension payment
  2. Easy for a great retirement
  3. Longer life expectancy
  4. Escalating health costs during retirement
  5. Less Energy to work
  6. Lack of Suitable job
  7. Unable to depend on your children
  8. Fragmentation of Family system
  9. Inflation.

Mr Mante also encouraged workers to build enough income-generating assets and live off the returns urged employers to take a keen interest in the retirement plans of their staff.

The EDC Boss also advised workers to invest in treasury bills, treasury bonds, fixed deposits, Real estate and collective investment schemes for better returns.

Mr Mante also cautioned workers on some of the money mistakes to avoid during retirement.

According to him, you must not retire and be idle, also spending too much too soon during retirement. He also warned workers not to commit retirement funds into capital investment funds and also avoid depending on their Children during retirement.

He also stated that living in huge mansions during retirement is one thing to be avoided since it will increase your maintenance cost. Also, another money mistake to avoid is having many Cars or big engine cars during retirement.

Mr Mante also implored workers to check their lifestyle and the things they eat to avoid what he calls the self-inflated huge medical bills during retirement and also warned retirees to avoid High-risk investments. The final money mistake he shared is the failure to live will before death or dying intestate.

According to him, the failure to leave behind a Will before death is one of the things that causes a lot of money problems for families and advised people to approach the topic of writing a will with an open mind.

In case you need help to draw up a financial plan you can contact an official at EDC Ghana by clicking the WhatsApp link attached https://wa.link/dqr3zs

Source: Ghana/Starrfm.com.gh

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