You need a backup for SSNIT - Fund Manager advises Ghanaian youth

Young people have been advised to seek out additional investments to complement their Social Security and National Insurance Trust (SSNIT ) payments, in order to secure their future during retirement.

Ghanaian youth advised to have backup besides SSNIT

This comes at a time when the SSNIT scheme is coming under a lot of scrutiny from several Ghanaians on social media, who have criticized the scheme for not paying out enough money to retirees.

Speaking during a webinar on Wednesday, September 8, the executive Business Manager at Cal Asset Management Company Ltd, Anita Nadia Attah cautioned Ghanaians on the dangers of solely relying on SSNIT contribution for their pension; “SSNIT is there to provide a monthly pension compensation, it should not be the only investment for your pension…,” she said.

She explained that while it is laudable to invest in pensions with SSNIT, it is becoming more and more apparent that SSNIT payments during pensions are becoming insufficient to cater for the needs of pensioners in their inactive years.

To be able to live comfortably while on pension, she advised active employees to find additional alternatives to invest in, towards their pensions.

For people who do not earn monthly salaries, the fund manager recommended putting aside a percentage of their annual profits, to be put in a pension investment account.

CAL Asset Management Company Limited (CAMCOL), is a wholly owned subsidiary of CalBank PLC, a leading manager of private wealth, specializing in the management of pension and other pooled funds.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh