The Managing Director of EDC Investments Limited, Paul Mante has advised workers to develop a retirement plan during their working life to avoid financial challenges in future.
In this regard, he has shared some tips on how one can manage financial resources to their advantage and retire with a healthy bank balance.
In another edition on the Effective Living Series, on Thursday which centered on retirement, Mr Mantesaid low pension payment, easy for great retirement, longer life expectancy and escalating health cost during retirement were the reasons for a retirement plan.
Additionally, he enumerated less energy to work, lack of Suitable job, unable to depend on your children, fragmentation of family system and inflation as the other reasons.
Mr Mante also encouraged workers to build enough income generating asset and live off the returns and urged employers to take keen interest in the retirement plans of their staff.
He further advised workers to invest in treasury bills, treasury bonds, fixed deposits, Real estate and collective investment schemes for better returns.
Mr Mante cautioned workers on some of the money mistakes to avoid during retirement.
He urged pensioners not to be idle and avoid committing retirement funds into capital investments.
Mr Mante implored workers to check their lifestyle and eat well to avoid contracting illnesses that could result in huge medical bills during retirement and also warned retirees to avoid high risk investment.
He also bemoaned the failure of some retirees to write a will, saying it was responsible for lots of money problems for families and advised people to approach the topic of writing a will with an open mind.
