Planning for retirement during active service in Ghana: Insights from pensioners in the Greater Accra Region
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Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Journal of Aging & Social Policy
Abstract
Workers often participate in pre-retirement planning activities
to gain awareness of the likely changes they may experience
when they retire to enable them to prepare accordingly.
Although pre-retirement planning is essential for successful
retirement and healthy aging, studies on pre-retirement plan ning activities among older adults in Ghana are limited. This
study explored pre-retirement planning actions that were taken
by Social Security and National Insurance Trust (SSNIT) pen sioners in the Greater Accra Region of Ghana. A sequential
explanatory mixed-methods approach was adopted to gather
data from 437 pensioners aged 60 years and above through
surveys, interviews, and focus group discussions. The results
indicate that while in active service, many (309) pensioners
were not motivated to plan for retirement due to issues, such
as low income, and distrust of financial institutions. When plan ning did take place, the pensioners favored financial planning
over social, mental, and physical planning. The respondents also
revealed that they did not prepare adequately for retirement
due to low salaries, as well as low knowledge on pre-retirement
planning. Policies are needed to encourage pre-retirement plan ning among workers in Ghana to enable them to have an
appreciable quality of life in old age.
Description
Research Article
Keywords
Ghana, older persons, pension
Citation
Myles Ongoh, Stephen Afranie, Fedelia Ohemeng, Kwamina Abekah-Carter & Anthony H. Godi (25 Feb 2024): Planning for retirement during active service in Ghana: Insights from pensioners in the Greater Accra Region, Journal of Aging & Social Policy, DOI: 10.1080/08959420.2024.2320045