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Public Lecture on Retirement

In: Other Topics

Submitted By jluri
Words 447
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The Actuary asks

A Faculty Lecture by Arnold Ouendo Department of Mathematics & Statistics University of Cape Coast


• As we grow old, we work less, produce less, and earn less; • We need to secure sources of income other than wages to support ourselves; • Used to contrast a period of gainful employment with a period when an adult is no longer gainfully employed;

• People often work continuously up to 40 years prior to retiring; • Upon retirement, the retiree relies on the public or private retirement system and/or personal savings for income; • Some workers are beginning to look for opportunities to gradually ease into retirement – often called “phased retirement”

• • • • Social security (SSNIT in Ghana) Employer-sponsor retirement plan Personal savings Earnings from employment after retirement • Income from family members, life insurance, health insurance, and general insurance.

• Break down of the informal systems
– Changes in the family structure – Urbanization, mobility, war, famine, and aids – Family attitudes


• Know your retirement needs • Find out about your Social Security benefits • Learn about your employer’s pension scheme • Contribute to a tax-sheltered savings plan

• • • • Ask your employer to start a plan Don’t touch your savings Consider basic investment principles Ask questions. Talk to the employer, banks, financial advisors, etc… • Start now, set goals, and stick to them. It’s...

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