I am not saying don’t go on vacation/holiday, for crying out loud I am preparing to go on my 5th one this year in a few months; I am saying save some money for the future when you are not able to toil the same way you are now.
The quest to attain a comfortable retirement that even our parents are still dreaming about, should be on our priority list as millennials with many disruptive ways and technologies at our dispose.
Without a doubt, figuring out how to invest money in a nest egg, can be daunting, yet we have seen people spending more time researching where to take the next vacation than they do investigating where to invest their dollars or shillings.
So while researching for the best new resorts in the East African region, my father asked me why I have no retirement card yet in this our time we have a National Social Security Fund (NSSF). In my defense, which was out of ignorance, I said because I don’t qualify for the any plans they have and that he already knew I have money trust issues.
His next question was not so welcome because I didn’t want to be the daughter who wasted my father’s hard earned cash going to school and now was making very un-informed decisions. He asked ‘what are the NSSF plans?’ Face palm and admission of error, I said I wasn’t really sure. We ended up googling NSSF and checking out the available plans.
Do you know that NSSF now has a voluntary membership plan?
Yeah! This is their new initiative that provides employers and workers that don’t qualify as per the mandatory provisions of the NSSF Act the opportunity to voluntarily save for their retirement. This means employers with less than 5 employees can apply for voluntary registration as a contributing employer and any eligible employee of such employer may thereafter apply too as a member for the fund.
After reading that my dad suggested I look into it for my company – Kahill Insights and its employees. “It’s better to save now when you are still stubborn at this money making business than when you are at 50 years retired in a shop in Kikuubo still kinda toiling even if for one self,” he said. “Vacations are good but how much do you save away to carter for the future vacations?” He added.
With the above I am now here considering looking deeply into opening a retirement account and add the card to my wallet pockets. My future depends on me and no one else so I will start controlling it in the present and not be like Charles Temaligwe below.
I remember them today, I told my dad about it and he said we have better systems these days and technologies. Also that it’s not necessary use NSSF but the message is to save for retirement in whatever way I choose.