BY F KMALE
In a promising development, beneficiaries of the National Social Security Fund (NSSF) are increasingly turning to financial education and entrepreneurial pursuits to bolster their retirement plans. A recent survey conducted among NSSF savers sheds light on a growing trend where individuals are proactively seeking ways to optimize their retirement benefits.
Traditionally, expenditures like education, housing, and land acquisition have dominated the priorities of NSSF beneficiaries. However, a notable shift is underway, with a rising number of savers delving into income-generating ventures such as businesses, agriculture, and services.
According to the survey, which gathered responses from 1,129 beneficiaries across various categories, 11 percent are actively investing in such income-generating activities.
This shift underscores a heightened awareness among savers regarding the importance of securing sustainable income streams post-retirement. Patrick Ayota, the Managing Director of NSSF, emphasizes the pivotal role of financial literacy in empowering savers.
He highlights the need for intensified training efforts to equip a larger segment of members with the knowledge necessary to make informed financial decisions. Ayota’s vision aligns with the broader goal of ensuring that savers effectively utilize their benefits for their intended purpose.
Moreover, the report emphasizes the significance of retirees exploring entrepreneurial opportunities for long-term financial stability. With only 18 percent currently relying on business income for support, there is a clear imperative to embrace entrepreneurship as a viable retirement strategy.
Despite the challenges posed by supporting dependents and engaging in supplemental employment, retirees are demonstrating a proactive approach to securing their financial futures.
Through concerted efforts to promote financial literacy and entrepreneurial initiatives, NSSF aims to empower its members to embark on their retirement journey with confidence and financial security.
This positive trend not only reflects the resilience and adaptability of NSSF beneficiaries but also underscores the organization’s commitment to fostering a culture of financial empowerment and sustainable retirement planning.
As more individuals embrace financial education and entrepreneurial endeavors, the future holds promise for a generation of retirees poised for financial success and fulfillment