Going by current research, it is correct to note, rather with melancholy, that we will lead much lower quality lives in our retirement days if we do not change our pension and retirement plans today. In a recent report published by the Daily Nation, experts observe that Kenyans are saving much less due to a number of reasons including daily basic needs, and other saving and investment opportunities. Subsequently, with minimal cash set aside over the years, pensioners are finding themselves leading a more substandard life than they did during their active years. According to several studies, pension income is way too low compared to what the pensioners used to earn before retirement. In their study in 2019, Zamara Group, a financial services firm concluded that pensioners receive about a third of their last wages. The study covered 65,000 members from 200 pension schemes. Enwealth Financial Services Limited’s survey indicated that the rate was much higher at 55 per cent of last wages. A smaller group of 515 pension scheme members was surveyed in the study. The conclusion from the two surveys indicate that the figures are much below “the 75-80 percent replacement rate recommended by pension and personal investment
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