Participants at the MMUST’s retirement planning seminar.
Participants at the just concluded MMUST’s retirement planning seminar have been advised to prepare adequately for life after retirement. This was during a seminar held on 18 May 2023 at Bishop Nicholas Stam- Kakamega facilitated by ICEA Lion Group. The well attended seminar was organized by The event was graced by the Vice Chancellor, Prof. Solomon Shibairo who urged the participants to practice prudent financial management during their working life to avoid disappointments later after retirement.
“This workshop is timely since it comes at a time when Universities are grappling with financial problems. As a University we make the necessary statutory payments, including pension,” stated Prof. Shibairo.
Vice Chancellor, Prof. Solomon Shibairo addressing the participants at the seminar.
The ICEA Lion facilitators rallying call was that everybody must cultivate financial management skills in order to survive not only in the current job market but also in their lives after retirement. Some of the issues tackled included ‘Psychological Issues in Retirement’, ‘Investment’, ‘Risks’ ‘Time Management’ and ‘Personal Financial Management’. One of the facilitators, Mr. Ben Sakwa noted that there are a myriad of challenges that pensioners face upon retirement, including uncertainty of social security and pension benefits, unforeseen Medical Expenses, and accumulating debts.
“Early planning for retirement is critical because it typically takes many years to accumulate the necessary funds to live comfortably when you no longer enjoy the advantages of a salary. If you adopt early investing, it will allow funds to accumulate and grow over the subsequent decades, so that you have substantial resources for navigating your retirement years,” said Mr. Sakwa.
Participants at the MMUST’s retirement planning seminar following a presentation during the seminar.
Speaking at the seminar, another ICEA Lion Group facilitator, Ms. Rose Kwamboka who spoke about health planning, advised participants to ensure that they plan for their health requirements during their working life and after retirement.
“Health requirements usually take up the bulk of pensioners’ savings and are among the critical spenders. Therefore, there is a need to begin saving early for your health requirement in the future when income streams have dried up,” she added.
Lauding the participants for turning out in large numbers, the Ag. Registrar Administration, Dr. Eglay Tsuma said that the University is keen on extending this training to all staff because they need it.
Certainly, adjusting to retirement calls for careful planning and prudent financial planning. Such training organized by MMUST for its employees is a step towards equipping them adequately for retirement.
By Lydia Anyonje and Linet Owuor
Photos by Shiundu Masafu
