Renting as a retiree is like facing firing squad – General Secretary of National Pensioners Association
Stephen Boakye, General Secretary of the National Pensioners Association
Stephen Boakye, General Secretary of the National Pensioners Association, has urged young people to prioritize financial literacy to ensure a secure retirement.
Boakye underscored the challenges accompanying retirement, cautioning that inadequate preparation could lead to regrettable post-retirement situations.
Speaking at Volume 2 of the MIG Business Forum, an event organized by the Maxwell Investment Group on April 25, 2024, he equated renting during retirement to facing a firing squad, emphasizing the burdensome nature of landlord-tenant dynamics during this stage of life.
"Don't rent a room during your pension days; it will kill you quickly; renting as a retiree is like facing the firing squad because your landlord will be harassing you," he said.
He lamented the notion of individuals toiling for decades only to return to a life of hardship in their retirement years. Boakye stressed the need for strategic planning from a young age, urging the youth to not only accrue savings but also invest wisely for their future financial security.
"Pension has to be enjoyed; you can't work for over sixty years and come back to suffer; no, that's not how it is supposed to be.
"Learn how to plan your life as a youth. You will earn money, so take the time to enjoy it, but plan well," he added.
Dr. Godfred Amewu, lecturer at the Department of Finance at the University of Ghana Business School (UGBS), added, "Retirement planning is something that you need to start with right now. The more you delay, the more it becomes hectic when you retire.
"So, this program provides us with the opportunities to discuss issues regarding financial literacy and retirement planning."
He further emphasized the importance of initiatives like the MIG Business Forum in spreading awareness and empowering individuals to make informed financial decisions, ultimately contributing to broader economic growth and stability.
In addition, Dr Maxwell Ampong, the Chief Executive Officer of Maxwell Investment Group, reflecting on the significance of self-reflection and personal growth, expressed that if he could meet his future self 20 years from now, he would likely discover numerous missed opportunities and actions he might regret.
He shared his belief that, looking back on the past two decades, he could have become a better person had he prioritized certain aspects of personal development.
"If I could meet myself 20 years from now to ask myself questions, I would be very sure that there are a lot of things I might not have done. And If I could advise myself backwards in the past 20 years, I would have been a better person than now, and that is what we are trying to do right now," Dr. Ampong stated.
AM/SARA
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