Rapa FM Pader

Retirement challenges highlight need for early planning

6 August 2024, 18:14

By Lakaraber Gladys Kasline

As government workers approach retirement age, concerns about their readiness for post-office life are coming to the forefront. In Uganda, where the retirement age is set at 60, many retirees are finding themselves ill-prepared for their post-work years.

Mr. Festo Okidi, the Pader District Community Development Officer, emphasised the need for better preparation. “Many people are unaware of the realities of retirement, leading to significant struggles in old age,” he said. “We must enhance discussions within communities and workplaces to better equip younger individuals for their retirement years.”

Retirees in Uganda face numerous hardships. Prolonged delays in pension payments leave many without a reliable income, forcing them to rely on family support or seek informal work. Many elderly individuals live in substandard conditions due to inadequate financial resources for home maintenance and repairs.

Healthcare access poses another significant challenge. Many retirees struggle to afford necessary medical care due to limited income and insufficient health insurance coverage, leading to untreated illnesses and a lower quality of life.

Ms Leonora Abalo, a district councilor representing older people in Pader, shared her concerns about the challenges faced by retirees. “Numerous retirees endure poor living conditions and mistreatment from family members, particularly grandchildren,” Abalo noted. “Additionally, the delays in pension payments are a critical issue that demands immediate attention.”

In response to these challenges, the Uganda Retirement Benefits Regulatory Authority (URBRA) was established in 2011 to manage retirement benefits schemes across both private and public sectors. With assets reportedly reaching Shs 22 trillion, URBRA aims to ensure timely pension payments and effective management of retirement benefits.

The mistreatment of elderly individuals by family members, including neglect and emotional abuse, is a serious concern. The migration of younger generations to urban areas often results in retirees being left alone in rural settings with minimal social interaction and support.

Mr. Okidi stressed the importance of retirement planning. “Without proper planning and financial literacy, many individuals find themselves unprepared for the realities of retirement,” he said.

To address these issues, various initiatives and programs are underway. URBRA continues to regulate and oversee retirement benefits to ensure timely pension payments and effective management. Community outreach programs are also being promoted to raise awareness about the importance of retirement planning and financial preparedness.