Speaking on Adom FM’s Dwaso Nsem programme, Mr. Fynn noted that life after active service can be challenging, particularly for public sector workers, where pension payments often vary widely depending on salary levels and contributions made during employment.

“When working in the public sector, depending on your field, you may face issues. People need to plan their life and retirement because it will surely come,” he said.

He cautioned that relying entirely on government salary increments to improve pension benefits is risky given the unpredictable nature of the economy.

“We cannot solely rely on salary increments to get high pension benefits because what if government says there is no money?” he questioned.

Mr. Fynn encouraged workers to make proactive lifestyle and financial choices to ensure a comfortable retirement, emphasizing the importance of health and balance.

“Life is sweet, so we must prioritise our own well-being, eat right, and live right to enjoy life to its fullest,” he advised.

Ghana operates a three-tier pension system regulated by the National Pensions Act, 2008 (Act 766). The first tier is the mandatory Social Security and National Insurance Trust (SSNIT) pension, which provides monthly benefits based on contributions and years of service. The second tier is a compulsory occupational pension scheme managed by private trustees, while the third tier is a voluntary personal pension plan designed to encourage additional retirement savings.

Despite these structures, many retirees still receive modest monthly benefits due to low salaries during active service and insufficient contributions. Analysts have therefore urged both government and workers to prioritise retirement planning to ensure financial security in old age.

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Speaking on the Super Morning Show, on Friday, January 7, 2022, the Managing Director of EDC Investments Ltd intimated that children (turned adults) are not a reliable source of support during retirement because of their own personal commitments.

“Gone are the days when people said my retirement plan is my children; I’m taking care of my children so they take care of me during old age. Things are changing very quickly and if your children are your retirement plan you may get disappointed,” he said.

“During old age, you may not have the energy to work and you cannot depend on your children,” adding that although “some [children] may genuinely want to help, they are not capable of helping because they are people who are in their 30s and are still struggling to find their feet.”

Mr Mante was contributing to discussions on the show which centred on how to plan for a good retirement.

The Managing Director of EDC Investments Ltd, entreated parents to rather plan adequately for their future in order to avoid financial hardships.

He stated that often, people begin to plan for their retirement when they are older, “when they are in their 50s.” However, the recommended practice, according to him, is to start planning for retirement at a younger age, since that would require a lesser investment compared to one who begins investing for their retirement at an older age.

He cited for instance, that if an individual who is now 40 and would retire at 60 but lives till 85, decides to invest for his retirement with a seed capital of GH₵50,000 would have to start making a monthly deposit of about GH₵1,495 in order to have a good retirement. Such a person would be making a monthly withdrawal of about GH₵26,910.

Meanwhile, if he had started investing at the age of 26 with the same seed capital, he would have saved only GH₵99 a month, yet would still make a monthly withdrawal of GH₵102,000.

“We have 20 years from 40 to 60 to plan for a retirement of 25 years. If a person makes an investment with a seed of GH₵50,000, his monthly withdrawal will be GH₵26,910. Now this person needs to commit GH₵1,495 every month.

“But assuming he started investing at age 30, his commitment would drop from GH₵,495 to GH₵361 and still make a monthly withdrawal of GH₵69,798,” he said.

He added that “if the person had started at 26 years, he would be making a monthly withdrawal of GH₵102,000 and be depositing GH₵99 a month.”

He, therefore, urged any individual who wants to enjoy a very good life during retirement to start planning from the very first day they start working.

“The younger you are, the easier it becomes to plan for your retirement. It’s not rocket science. If you don’t do it this year but wait till 2033, you’re putting more pressure on yourself,” he said.