Enwealth Enlightens On Retirement Planning, For A Better Tomorrow

Enwealth Enlightens On Retirement Planning, For A Better Tomorrow

Enwealth Uganda has enlightened on retirement planning, for a better tomorrow during a Pre-retirement webinar under the topic: Retirement planning: Facts, insights and Hacks organized by Uganda Retirement Benefits Regulatory Authority.

Enwealth Uganda supports individuals and entities in better planning for pension and also develops income drawdown plans which are annuities that lets one get paid a certain amount as a lump sum either monthly, quarterly or annually or while the rest is invested to keep earning interest for one’s retirement. Currently, Enwealth has fully operational offices in Uganda, Kenya and Mauritius, with an operational reach in South Sudan, Tanzania, Rwanda, Zambia, Namibia, Ghana, Nigeria, Malawi, Botswana, Zimbabwe and South Africa.

Speaking during the webinar, Brian Bongomin the Manager, Business Development and Operations – Enwealth Uganda highlighted the need to define the retirement one wants earlier on in life and starting on a pension plan, with a reflection of the realities in one’s life.

Bongomin further noted that one needs to review their saving levels to target income adequacy which starts with checking one’s expenditure pattern. He also cautioned on the need to save something aside for post-retirement medical funding. “One’s illness can wipe away a lifetime of pension savings; in Africa, we say, we are one disease away from poverty” he said.

He further cautioned participants to start a business early if they can, and also remember to settle their loans before retirement. There is also need to close on all other key life expense areas before one retires such as school fees, rent among others. This helps lessen the pressure exerted on a retiree’s pension during retirement thus improving their income adequacy.

Bongomin ended by calling upon participants to reach out to Enwealth Uganda for better pension planning.