| dc.description.abstract | This study sought to establish whether the employees of the University of Nairobi
plan for their retirement and if they do, establish how they do it together with the
handicaps they face while planning.
Planning for retirement has been elaborated as a comprehensive process that offers
choicesand challenges that helps individuals to identify the appropriate standards
during retirement. It helps them in developing internal and external support
systems that rep ace those that will disappear when one stops working or mov~
into retirement and it creates awareness of alternative paths of actions or options
for decision making while planning for retirement.
The most-consistent remarks made by retired persons is that they wished that they
had started planning earlier (Markham Associated, 1998). This is attributed to the
fact that for most of the working lives of individuals, they tend to have other
priorities such as bringing up a family or building up a career or business. At the
same time many of them find it difficult to imagine that they will one day become
retired persons for 'a significant part of their lives.
The Retirement benefits sector in Kenya has not been quite developed and it is
estimated to have 140 of financial assets. The enactment of the Retirement benefits
authority in 1997 is an avenue that would make Kenyans aware and start
addressing the issue of retirement seriously. It embodies a commendable effort to
create an authority for the supervision and promotion of retirement benefits
schemes and management of the sector and a good starting point should be to raise
awareness country wide.
This study revealed that majority of the employees were planning for their
retirement with a total of 81% of the employees actually doing something towards
their retirement. Only 3%of the employees in,dicating that planning for retirement
is neither important nor were they doing something about it.
It is expected that most individuals spend a quarter of their life in retirement and
thus its vital that that they adopt the right attitude and approach to ensure a
happy time in retirement. It was revealed that the options that were available for
most employees were engaging into business, farming and consultancy work,
research or writing books. In order for them to achieve this, they were making savings mostly through their co-operative society which enabled them make
investments, acquire property or even starting up a business.
Regardless of how well the employees may plan for their retirement there are
several factors that can threaten or affect their retirement plans. The major factors
enumerated were financial constraints due to high inflation, there were also too
many financial' obligations which they faced such as bringing up of children and
their education, the high cost of living and the paying of debts such as loans and
mortgages. The employees also feared loosing their jobs or being retrenched and
also not being able to raise the capital required for the ventures they may have
planned. However these factors were seemed to be more of challenges rather than
obstacles.
Despite the diverse goals and plans that the employees may have its important to
note that they have made a step forward towards achieving their goals. It is
essential that employers and the government takes the intelligent steps necessary
to encourage employees to plan for their retirement.
It is therefore important to give a serious thought to planning ahead for activities,
challenges and opportunities of retirement. There are many decisions to be made .
which should be considered carefully and on an informed basis. Thus proper
planning for retirement could be an important building block for the future and
couldcreate a brighter and happier tomorrow. | en |
