Participants at the Seminar.
Masinde Muliro University of Science and Technology (MMUST) staff have been advised to adopt a proactive planning approach in order to ensure a secure financial future and retirement. This was during a retirement planning seminar organized by the MMUST Staff Retirement Benefits Scheme. The event took place on 30th August 2023 at Bishop Nicholas Stam- Kakamega. This is a University funded exercise that enables staff to set goals, make strategic decisions, budget effectively, manage risks, invest wisely, and build a solid foundation for a fulfilling retirement.
While making a presentation on ‘Investment and Personal Financial Planning, and ‘Annuity/Income Drawdown’, Mr. Onesmas Ndegwa from Old Mutual Insurance Group noted that a solid financial plan is the key to ensuring that staff have an enjoyable retirement.
Mr. Onesmas Ndegwa from Old Mutual Insurance Group making a presentation during the seminar.
“What do you want to do when you retire? Do you want to do charitable work? Travel the world? Spend more time with family? Begin a new career? Retirement planning allows you to define your goals and set up a plan that will enable you to enjoy your retirement. This is an opportunity for you and your spouse to discuss future plans and get on the same page regarding what your retirement lifestyle should look like,” said Mr. Ndegwa.
Further, he added that there are various options you can do with a lump sum once you retire. These include buying an annuity, buying an interest bearing asset, a long-term bond, signing up for income drawdown, setting up an investment portfolio or leaving your money in the scheme.
Similarly, his counterpart Mr. Steve Maleche emphasized on ‘Psychological Issues in Retirement and its Management’ saying that loss of identity, and work- routine can impact one’s sense of self-worth, leaving them feeling rudderless, or depressed.
A section of the participants during the seminar at Bishop Nicholas Stam.
“In order to handle the loss of identity and self-worth that accompanies retirement, you need to find new roles and activities, a new sense of purpose and meaning, and deal with social isolation by maintaining social connections. It is also important to utilize opportunities for improved self-care and maintain a healthy lifestyle,” he said.
Speaking during the training, the Ag. Deputy Registrar Administration, Dr. Eglay Tsuma lauded the University Management for its commitment in empowering its staff. Additionally, she thanked the facilitators for imparting knowledge to MMUST staff in preparation for their retirement.
“With rising life expectancies and increasing healthcare costs, a well-planned retirement will ensure that you are able to maintain your desired lifestyle. As a pension board, we have made a deliberate decision to train all staff this year,” said Dr. Tsuma, who is also a Trustee in the MMUST Staff Retirement Benefits Scheme.
The other Trustees present included Prof. George Lawi, Mr. Josephat Shigogodi, Mr. Patrick Kivale, the Scheme Secretary- Mr. Benard Wesonga and Ms. Celestine Mmasi (Secretariat).
Planning and saving are essential to achieving a comfortable, successful retirement. Employers and employees both have a role to play in providing financial security and independence during the post-work years.
By Dr. Lydia Anyonje and Linet Owuor
Photos by Shiundu Masafu
