By Savannah Pokuaah Duah
The Chief Executive Officer (CEO) of DCI Microfinance Limited, Selasie Woanyah, has emphasized the importance of planning for retirement from the very beginning of one’s career.
Speaking on GTV’s breakfast show on Thursday, January 16, 2025, Mr. Woanyah advised young people to start planning for their retirement as soon as they start working. “I think that you need to start planning for retirement the very day you start working. If you’re 21 years old and you start working, you have to plan for your retirement,” he said.
Mr. Woanyah stressed that retirement planning should be a priority, even for young people who may think it’s too early to worry about retirement. “At least you have 40 years minimum to plan towards your retirement. Your retirement planning should factor into your budget,” he explained.
He also highlighted the importance of investing in a retirement plan, rather than relying on children or others for support. “Most people don’t want to be taken care of by their children. You can’t put your hopes in your children or some other person. So invest in your retirement plan,” he advised.
Mr. Woanyah recommended that individuals open a savings account and invest money into it on a monthly basis. “When you get a substantial amount, move that into a fixed deposit account. You can decide that out of that retirement plan, a bit of it will go into some business towards your retirement,” he said.
He also emphasized that retirement planning is not just for those in formal employment, but also for those in the informal sector. “Whether you’re in the formal sector or you’re in the informal sector, you should do this…What the experts say is that most of the money we’ll get from formal retirement plans can only cover 67% to 70% of our expenses after retirement. So what happens to the 30%?” he asked.
In conclusion, Mr. Woanyah urged individuals to take retirement planning seriously and start making plans from an early age. “You should start planning the very day you start working. You must have a plan towards that 30% as well, whether you’re in formal employment or whether you’re in private employment,” he advised.
