Accra: Professor Elijah Yendaw, the Director General of the Management Development and Productivity Institute (MDPI), has urged Ghanaian workers to adequately prepare for retirement by investing towards their pensions. He emphasized the importance of early investment and retirement planning to build a strong foundation for financial independence.

According to Ghana News Agency, Prof Yendaw provided this advice during a three-day pre-retirement and pension planning training session for Bui Power Authority staff in Accra. The MDPI organized the program in collaboration with the Authority to ensure that retired staff live dignified lives. Prof Yendaw highlighted the significance of investment in addressing the critical needs of retirees and stated that the training aimed to help staff adjust favorably to life during retirement.

The training was designed to empower participants to plan their finances, health issues, and social life to prevent disillusionment after retirement. Prof Yendaw noted the global increase in life expectancy, citing the Ghana Statistical Service’s revelation that people can now live up to 80 years. He stressed the importance of saving for retirement to ensure a decent life post-employment.

Prof Yendaw encouraged workers to consider investing in treasury bills, bonds, and other viable schemes for better returns. He acknowledged economic challenges that might impact investment gains but emphasized the need for prudent investment with the guidance of financial consultants. Additionally, he advised workers to maintain a healthy lifestyle to avoid incurring significant medical expenses during retirement.

Participants were trained on various topics including Preparation and Managing Retirement, the New Pension Scheme, Managing Social Life and Health, and Preparing and Managing a Will.