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Business News Wed, 31 Mar 2021

Retirement does not have to be at age 60 – Abdul-Hakim

Branch Manager of Databank, Tema, Abdul-Hakim Alhassan, has rectified that retirement does not necessarily have to be at age 60.

According to him, sixty years is only the age limit given by the government however, that does not necessarily have to be the norm and one can choose to retire at any age.

Speaking with Rev. Erskine on the Myd-Morning Radio Show which airs on Y107.9FM, he pinpointed that retirement should be based on one’s value and not their age.

This implying that, if a person attains financial independence at age 45 or any age below 60, he or she can still decide to go on retirement.

“When you ask a lot of people the age at which they want to retire, you’ll realize everybody wants to retire at the age of 60 but it doesn’t end there. It’s not compulsory for you to retire at the age of 60. The bigger question is ‘at what value do you want to retire?’

"Somebody can set a clear goal and say that looking at what is going on, he would like to retire at the age of 55, 60 or even 65 but retiring with a goal of a million dollars or two million dollars is what is going to inform the age at which I’m going to retire. If I hit that two million dollars at the age of 45 or 55, I can retire and not necessarily wait for 60,” he said.

The financial expert advised that it is better to set a value towards retirement rather than setting an age because one can reach the age of 60 and still not be financially independent.
Source: etvghana.com