Maxwell Investment Group hosts second edition of MIG Business Forum to promote financial security after retirement

Maxwell Investment Group (MIG) has organized the second edition of the MIG Business Forum at the British Council in Accra on April 25th, 2024. The event, aimed at educating young individuals on ensuring financial security post-retirement, attracted participants from diverse industries eager to enhance their knowledge in financial literacy and retirement planning.

Dr. Maxwell Ampong, the convener of the forum, emphasized the significant gap in financial literacy and retirement planning, particularly among young professionals. He stressed on the importance of redirecting the conversation to empower individuals at the early stages of their careers to make informed decisions about their financial futures, thereby ensuring a comfortable retirement.

Speaking with the General Secretary of the National Pensioners Association, Mr. Stephen Boakye, he indicated that life after retirement is enjoyable when it is well planned. “All the pensioners you see here are thriving due to prudent financial management during our active years in service. The monthly pensions money we receive from SSNIT sometimes surpass our pre-retirement monthly earnings. There is huge benefit in contributing diligently to pension schemes”.

He went on to say that pensioners who are members of the National Pensioners Association are assisted in times of need and even given guarantee for bank loans.

Mrs. Rosina Akrofi from the National Pensioners Regulatory Authority, speaking at the forum, provided insights into the three tiers of the pension scheme in Ghana. She explained that the First Tier is the Basic National Social Security Scheme, a defined benefit scheme mandatory for all workers with contributions managed by SSNIT. The Second Tier, a defined contributory Occupational Pension Scheme, requires a 5% contribution from members and is managed privately by approved Trustees. Additionally, Mrs. Akrofi highlighted the Third Tier, encompassing Provident Funds and other Pension Funds outside Tiers I and II, as a voluntary scheme offering individuals further options for retirement planning.

Speaking to some of the participants, they indicated that the Forum has served as a platform for dialogue and learning, equipping them with valuable insights and strategies to secure their financial futures. The discussions on financial literacy and retirement planning, according to them will empower them to take control of their financial destinies and build prosperous futures beyond their working years.