File photo of retirement savings
Chief Executive Officer of DCI Microfinance Limited, Selasie Woanyah, has advised the youth on the best ways to plan for retirement.
Mr. Woanyah urged young people who save up money solely for “Detty December” celebrations to reconsider their decisions.
According to him, the ideal time to start preparing for a comfortable retirement is during one’s youthful years.
He suggested that channeling a portion of the money intended for “Detty December” into retirement planning could be highly beneficial in the long run.
“The money you use for ‘Detty December,’ put a portion of it into your retirement planning. Because when you are sixty and young people are enjoying their ‘Detty December,’ you’ll want to join, but you won’t be able to if you haven’t planned for it,” he said.
Speaking in an interview on the GTV Breakfast Show on Thursday, January 16, 2025, the experienced banker emphasized the importance of every individual, regardless of their economic background, having a retirement plan.
He stressed the need for financial independence when one reaches retirement age and is no longer working.
Explaining further, he advised that the best time to start planning for retirement is on the very first day one begins working.
He dismissed the common expectation of parents relying on their children for support during old age, explaining that such notions put undue pressure on the nuclear family system and hinder many people from saving.
“You need to start planning for retirement the very day you start working. If you are 21 years old and you start working, you have to plan for your retirement. At least, you have forty years minimum to prepare for it,” he stated.
He also emphasized that retirement planning is not exclusive to government and formal sector workers.
Informal sector workers, he said, should also seek guidance from experts to create a sustainable plan for their retirement years.
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