1. A lot of these men will work for an average of 30 years in the formal sector religiously depending solely on their salaries.
2. Personal savings and investments are very alien to them. They chop everything they earn
3. They believe their biggest security is their children, who will come and take care of them when they are old.
4. There is over reliance on the SSNIT pension. They believe the bulk money will take care of all their problems, including starting/completing their building project.
5. At the peak of their career, they are so indulged in the pleasures of this life, busily funding the “side chick economy” and fathering all manner of kids outside their matrimonial homes
6. Then the day comes, they turn 60. They receive a letter from their employers,it is time to go. Bungalows are vacated, a truck is made ready to transport them back to the destination of choice.
7. Some move to family houses temporarily( or even permanently) , others move into their hastily and shabbily completed homes, mainly funded by the proceeds from their pension.
8. Funny enough, they realize there was nothing lumpy about the “lump sum” SSNIT paid them. The money is all gone at this time, and are forced to solely depend on the monthly pensions, which is a pale version of what they received as working class
9. Some attempt to farm, with no prior experience, others help casually at their wives provision shop,majority sit in their lazy couch most of the day, reading through the dailies with their radio set by them at their porch, intermittently receiving greetings from passerby’s.
10. The spiral into bouts of depression when it dawns on them that by being old and broke ,they’ve become half ( or even less) the men they were. The majority don’t survive this mental turmoil and die before their time.
So what can we learn from our fathers?
1. Take control of your financial independence. Invest consistently during your working life .SSNIT should not be your plan A.
2. Little drops of money wasted today, will cost you your harvest tomorrow. Keep your focus, avoid the “side chicks” and “side kids”
3. Don’t plan your old age around your kids, many of them may not find their feet before you die. ????
4. Set your spouse up early. Invest in her business when you have access to loan facilities and make sure before you go into retirement, the business is already established
5. Complete your building many years ahead of retirement. Your pension is not meant for that.
6. Get other source of income. You have decades of your working life to develop a sustainable side business.
Be determined to retire a rich man. After all the good book says “ the righteous man leaves an inheritance for their children’s children.
Nobody is fond of a broke pensioner . Determine not to become one, otherwise you may die before your time.????
By: Roland Ofori Larbi