Paul Kofi Mante, the Managing Director of EDC Investment Ltd spoke on ‘Planning For a Successful Retirement’ on the Effective Living Series on both the Citi Breakfast Show and Breakfast Daily on Citi FM and Citi TV respectively.
Mr. Mante gave nine reasons why personal financial planning is important towards retirement:
- Low monthly pension payment in a number of developing countries
- Personal financial planning for retirement makes it easy to have a great pension
- Longer life expectancy
- Escalating healthcare cost during pension
- You may not have the energy to work during pension
- You may not find a job during pension
- You may not be able to depend on your children
- Fragmentation of family system
He cautioned against putting too much faith in one’s children.
“Your children cannot be your retirement plan. Our children are our responsibility. They are not a retirement plan,” Mr. Mante said.
Among other pieces, he urged retirees to keep busy during their retirement.
“Don’t be idle when you retire, you have got to be active, or you will be done before your time.”