‘Most Ugandans live for 18 years after retirement’

For many retirees living in Uganda, the life expectancy after retirement from work is only 18 years, the Uganda Retirement Benefits Regulatory Authority (URBRA) has disclosed.

Data from the retirement benefits authority suggests that this falls significantly below the life expectancy of individuals in First World countries, where retirement can span up to 110 years, the Monitor reports.

“The government and all stakeholders in this sector should develop and implement good plans that are favourable to pensioners so that they live genuine life after retiring,” said Director of Supervision at UBRA, Daisy Lynda Nabakooza.

Nabakooza urged individuals aged 18 to 25, employed in either the formal or informal sectors, to initiate retirement savings. She counselled them against exclusively prioritizing purchases such as the latest phones or cars, which is a common trend within this age group.


More data from the authority further indicated that “in the real sense when a person was earning SHS 3 million ($797) while working, he or she should be getting 2.8 million ($744) per month after retiring from his or her retirement savings.”

The compulsory retirement age for all public servants in Uganda has been set at 60 for the past six decades. However, the present life expectancy, standing at 64.4, surpasses the mandatory retirement age of 60, a research report indicates.

In 2020, the World Bank reported that Uganda's post-retirement life expectancy had increased to 17 years, up from 13.4 for men and 14 for women in 2003. Notably, females had a longer life expectancy at 64.5 compared to males at 62.8.










Popular posts from this blog

What Happens if You Run Out of Money in Retirement?

Image
Last week I had a discussion with one of our members at Mazima Voluntary Individual Retirement Scheme who withdrew his National Social Security Fund (NSSF) benefits last year upon reaching the mandatory age of 55 years. He is still engaged in active employment but his worry is that the NSSF benefits have run out hardly after one year and he has no hope of getting near anywhere near what he got from NSSF. This article is intended for those who have not started saving for retirement as well as those whose retirement benefits may not be sufficient in retirement or those who are already in retirement and have run out of money. Running out of money in retirement is a real dilemma for many as it exposes you to financial hardship and reduced quality of life. You may need to rely on family members for financial assistance, reduce your standard of living, or make significant lifestyle changes. Retirement is a period of leisure, self reflection, and pleasure, but it also requires ind...
Read more

Personal Finance Checklist for 2024; Bonus Tips.

Image
This lesson is a  follow up and expansion on the one we learnt yesterday.  I have spent a considerable number of years advising people about their personal finances and I have seen near miracles happen when people act.   Many years ago I coined a slogan “If you are not thinking then you are sinking” and I really don’t want you to sink in 2024; instead I want you to prosper. These things are not complicated at all!  1. You have to master your needs and deal decisively with your wants. For the uninitiated needs as those things you can’t live without and wants are though that you only buy if you have the capacity to do so. Reign in your expenditure because you are not an “Expendable”. There is a way tomorrow comes and finds you unprepared only to embarrass you; even in old age.  2. Make it a point to save even if you don’t earn enough. Most people think they don’t earn enough and wait for an increment in their earnings to save. Well since you don’t...
Read more