“Your future deserves better — don’t fall into these 7 traps.”

Retirement planning is often described as one of the most critical pillars of financial wellness. Yet, it remains one of the most neglected areas of personal finance in Kenya and globally. Retirement planning simply means setting aside resources during your working years so that you can live comfortably and securely once you stop earning a regular income. It is not just about saving money — it is about designing the life you want to live after your career ends, with dignity, freedom, and independence.

At its heart, retirement planning involves goal setting, disciplined saving, smart investing, risk management, and regular reviewing of your progress. There are several retirement planning options available in Kenya today: Individual Retirement Benefits Schemes, Occupational Retirement Schemes, Personal Pension Plans, and Voluntary Savings Plans tailored for self-employed individuals and SMEs. These options allow Kenyans, whether formally employed or working in the informal sector, to take charge of their financial future.

The way retirement planning works is straightforward but powerful. By committing a portion of your current income into well-structured, tax-advantaged investment vehicles, you leverage the force of compound growth over time. Your money multiplies, providing you not only with income during your golden years but also with security against unexpected events like medical emergencies. Beyond financial returns, a good retirement plan grants emotional peace, knowing that your future self is protected.

Everyone benefits from retirement planning. Regardless of whether you are an employee contributing to a company pension fund, a business owner building private wealth, or a young adult just entering the workforce, retirement planning is for you. It is not a reserve for the rich or the elderly. It is a necessity for every working Kenyan who desires a dignified retirement and to avoid burdening loved ones financially.

Sadly, statistics paint a worrying picture. According to the Retirement Benefits Authority (RBA) of Kenya, as of 2024, less than 22% of the working population participates in formal pension schemes. Over 78% face retirement without structured savings, relying heavily on family, government support, or continuing informal work well into old age. This is due to several reasons: a lack of financial education, procrastination, mistrust of financial institutions, and underestimating future needs — especially the rising costs of healthcare and inflation.

It is crucial to understand the common mistakes that lead many into retirement struggles.

 

Mistake #1: Failing to Start Saving Early for Retirement

When it comes to retirement planning, one of the most significant mistakes people make is failing to start saving early enough. It’s a mistake that, unfortunately, many people don’t realize until it’s too late. The principle of “the earlier, the better” is fundamental when planning for a comfortable retirement, and it can determine how secure your financial future will be.

A Cautionary Tale

Consider the story of John, a 45-year-old executive who recently realized that his retirement savings were insufficient. In his 20s and 30s, John was focused on his career, enjoying the perks of his job, and saving for short-term goals like vacations and buying a home. Retirement seemed so far away that he didn’t think to prioritize it. Now, as he nears his mid-40s, John is beginning to worry. He’s realized that he hasn’t accumulated enough wealth to live comfortably in retirement, and with only two decades left to save, the task of catching up feels daunting.

John’s story isn’t unique. According to a survey by the Kenya National Bureau of Statistics, over 60% of Kenyans aged 35-45 have no structured savings or retirement plans in place. Many are like John—feeling that retirement is a distant issue, but suddenly discovering it’s closer than expected.

Why Does Starting Early Matter?

The importance of starting early cannot be overstated, especially when it comes to retirement savings. The core reason is the power of compound interest. Compound interest is the interest earned on both the initial principal and the interest that has already been added to it. The earlier you start, the more time your money has to grow. In fact, the longer your investment horizon, the more substantial the benefits of compound interest.

To illustrate, let’s consider two people: Jane and Peter. Jane starts saving KES 10,000 per month at age 25 for retirement. By the time she reaches 65, assuming a 6% annual return, her investment will grow to over KES 21 million. Peter, on the other hand, starts saving the same amount, but at age 45. By the time he reaches 65, his investment will grow to just over KES 6 million. The difference of KES 15 million is largely due to the earlier start, which gave Jane’s investment more time to grow.

Statistics from the Kenya Retirement Benefits Authority show that only 25% of Kenyans actively contribute to retirement savings schemes, with the majority of people failing to prioritize long-term savings. As a result, many are left scrambling in their later years, unable to maintain their desired lifestyle after retirement. This highlights the critical importance of early savings and consistent contributions to a retirement plan.

How Can You Avoid This Mistake?

1. Start Today, Even with Small Amounts

The best time to start saving for retirement is today. Even if you’re unable to contribute a large sum right now, starting with what you can is crucial. Small, consistent contributions can snowball into a significant retirement nest egg. As your income increases, gradually raise the amount you’re saving.

2. Automate Your Savings

One of the easiest ways to ensure you are consistently saving is by automating your contributions. Set up a standing order to your retirement fund each month so that saving for your future becomes a routine, almost like paying a bill. This reduces the temptation to spend the money on short-term needs or desires.

3. Take Advantage of Employer Contributions

If your employer offers a retirement savings plan or pension scheme, ensure that you’re making the most of it. Many employers match your contributions up to a certain percentage. This is essentially free money that can significantly increase your retirement savings over time.

4. Invest in Retirement Products with Compounding Benefits

Explore retirement-specific investment products that allow for compound growth, such as pension plans or long-term mutual funds. These products are designed to offer returns over time, and by starting early, you maximize the potential for compound interest to work in your favor.

5. Regularly Review and Adjust Your Plan

Your retirement needs will change over time, so it’s important to review and adjust your savings plan periodically. Life events such as career changes, family growth, or changes in income may impact your retirement goals. Be flexible and proactive in adjusting your plan to stay on track.

* Start Early, Stay Consistent

In conclusion, failing to start saving early for retirement is a critical mistake that can have lasting consequences. By understanding the importance of compound interest and the impact of starting early, you can take meaningful steps to secure your financial future. Ask yourself: How much time do I have left to save? What could my retirement look like if I start now? The earlier you start, the easier it will be to reach your retirement goals. Don’t make the mistake of waiting until it’s too late. Secure your future today by prioritizing retirement savings.

Remember, it’s not about how much you save right now—it’s about starting as soon as possible and making consistent progress toward your future.

 

Mistake 2: Relying Solely on Employer Pension Schemes

When planning for retirement in Kenya, many people breathe a sigh of relief once they are enrolled in an employer pension scheme. After all, it feels reassuring knowing that money is being set aside for the future without having to lift a finger. However, this sense of security is often misplaced. One of the biggest retirement mistakes Kenyans make is relying solely on employer pension schemes to fund their retirement years. This overdependence can lead to financial hardship, stress, and a far less comfortable retirement than anticipated.

 The Real Danger Behind Employer Pension Dependence

At first glance, employer pension plans seem like the perfect safety net. Contributions are automatic, employers often match a percentage, and there is a promise of a payout at retirement. But in reality, most employer-sponsored pension plans in Kenya replace only about 30% of a worker’s final salary, according to a 2023 report by Alexander Forbes Kenya.

This means that if you were earning KES 100,000 per month before retiring, your pension would give you around KES 30,000 per month afterward. Imagine the drastic lifestyle adjustment that would require, especially with inflation, rising medical costs, and personal obligations like helping children and grandchildren.

Furthermore, many employees change jobs multiple times over their careers, and each move can disrupt pension growth. Some pension schemes are frozen when an employee leaves, meaning the money sits idle and does not grow significantly. Worse, if the employer mismanages the fund or collapses, employees might lose part or all of their benefits — even though regulators like Kenya’s Retirement Benefits Authority (RBA) oversee the sector, risks still exist.

Real-Life Story: Peter’s Painful Lesson

Consider the case of Peter, a senior bank manager in Nairobi. For over 20 years, Peter contributed diligently to his employer’s pension plan and felt confident he was on track. However, when his bank restructured and he took an early retirement package at 53, he was shocked to find that his pension would pay him just KES 2.8 million.

With two children still in university, an aging mother requiring medical care, and an outstanding mortgage, Peter realized — painfully — that his pension alone could not support his obligations. Forced to find part-time work and drastically lower his lifestyle, Peter’s retirement years became a daily struggle, contrary to the restful golden years he had envisioned.

The Root Cause of the Mistake

The core reason many fall into this trap is complacency and lack of personal retirement planning. There’s a dangerous belief that employer schemes are “good enough,” and employees assume without question that someone else is adequately handling their future. Additionally, few workplaces in Kenya offer financial literacy training that emphasizes the need for multiple retirement income streams.

Another contributing factor is ignorance of inflation’s long-term impact. A comfortable income today will be worth significantly less two decades from now. Without personal investments and extra savings growing alongside employer pensions, the retirement gap becomes alarmingly wide.

Supplement and Diversify Your Retirement Plan

Relying on an employer pension alone is like building a house on a single weak pillar. You must build multiple pillars to hold your retirement dreams firmly.

The first solution is to start a personal pension plan — officially known as an Individual Retirement Benefits Scheme (IRBS) — where you save independently of your employer. These plans allow you to control your contributions, increase savings when possible, and choose investment options aligned with your retirement goals.

Secondly, investing in additional products such as unit trusts, property, savings plans, and dividend-yielding stocks can provide extra cash flows during retirement.

It is equally important to review your retirement savings annually to ensure they are keeping pace with inflation and your desired lifestyle.

For self-employed individuals — a fast-growing group in Kenya’s economy — a personal pension plan is not just advisable; it is absolutely essential.

• If you lost your job today, would your current pension savings be enough to sustain you?
• Are you contributing actively to a personal pension, or are you trusting your employer too much?
• Have you calculated what 70% of your current monthly income would be — and are you on track to achieve it for retirement?

Take Control of Your Retirement Destiny

In today’s unpredictable economic climate, leaving your retirement entirely in the hands of an employer is a risk too great to take. Your retirement is your responsibility.

Start supplementing your employer pension with personal savings and investments. Diversify your retirement sources to ensure a financially secure, dignified, and fulfilling life after your working years.

Don’t wait until it’s too late. Secure your future now.

 

Mistake 3: Ignoring the Impact of Inflation on Retirement Savings

When planning for retirement, one of the most underestimated threats is inflation — the silent eroder of purchasing power. Ignoring inflation is like saving money in a leaking basket. It may seem secure today, but by the time you need it, much of its value could have quietly disappeared.

Inflation simply means that over time, the cost of goods and services rises, making the same amount of money buy less than it did before. In Kenya, inflation has averaged between 5% and 8% annually over the past decade, according to data from the Kenya National Bureau of Statistics (KNBS). While this may sound modest, its compounding effect over 20–30 years can significantly weaken the value of your retirement savings. For instance, if you require KSh 100,000 per month to live comfortably today, you may need about KSh 300,000 per month to maintain the same lifestyle in 25 years if inflation averages 5% per year.

Many retirees only realize this when it’s too late — when their carefully accumulated nest egg falls short of covering even basic living expenses. Medical care, rent, food, and utility bills continue to climb, but their retirement income remains fixed or grows too slowly to keep pace.

One real-life example is that of Mr. Karanja, a retired teacher in Nakuru. Having contributed consistently to a pension scheme throughout his career, he expected to live comfortably after retirement. However, because his retirement income was not inflation-protected, his purchasing power steadily eroded. Within ten years, he found himself struggling to afford quality healthcare and relying heavily on his children for financial support — a reality he never envisioned.

Why does this happen?

Because many retirement plans are set up with static projections — assuming today’s KSh 1,000 will still have the same value decades later. Without accounting for inflation, retirees risk an unpleasant shock, facing lifestyle downgrades, unplanned dependence, and financial stress during what should be their most relaxed years.

So how can this mistake be mitigated?

✅ First, build a retirement plan that factors in inflation. At Tamara’s Financial Planning & Consultancy, we work with clients to project not just the amount they will need today, but what they will need tomorrow, adjusting for realistic inflation rates.

✅ Second, invest in growth-oriented assets alongside safe investments. While savings accounts and bonds are important for security, including equities (stocks, property investments, or unit trusts) can help your portfolio outpace inflation over the long term.

✅ Third, periodically review and adjust your retirement plan. Inflation rates can vary over the years. What made sense five years ago may no longer be sufficient today. An annual or biennial review of your retirement plan helps ensure that you are staying ahead of inflationary pressures.

Ask yourself:

👉 Are you saving enough not just for today’s cost of living, but tomorrow’s increased expenses?

👉 If you stopped working today, could your savings sustain your lifestyle for the next 20–30 years — with rising costs taken into account?

If you’re unsure, it’s time to take proactive steps now.

Remember, time and inflation wait for no one. Your best defense is preparation — and the right partner walking the journey with you.

As I always remind my clients:

“A comfortable retirement isn’t built by saving blindly — it’s built by saving smartly, strategically, and with an eye on tomorrow’s realities.” — FA Tamara Were

 

Mistake 4: Relying Solely on Employer Pension Plans

Many Kenyans working in formal employment believe that contributing to their employer’s pension scheme is enough to secure a comfortable retirement. This assumption is dangerously misleading.

While employer-sponsored pension plans are valuable, relying solely on them exposes individuals to serious financial shortfalls during retirement — a reality that has become increasingly evident in Kenya’s evolving economic landscape.

Employer pension plans are designed to supplement — not replace — personal retirement savings. Most Occupational Retirement Schemes in Kenya typically target a replacement ratio of about 30% to 40% of an employee’s final salary. This means that if you earned KSh 100,000 monthly at retirement, your employer pension may only provide you with about KSh 30,000 to KSh 40,000 per month.

Is that enough to maintain your lifestyle, afford medical care, support family needs, and manage unforeseen expenses during retirement?

For most people, the answer is a sobering no.

One practical case is that of Mrs. Wanjiku, who retired from a reputable parastatal after 25 years of service. She diligently contributed to her employer’s pension fund throughout her career. However, after retirement, she quickly realized that her monthly pension payments were not enough to sustain her lifestyle. Worse still, the employer’s pension had no automatic adjustment for inflation. Within a few years, rising healthcare costs, family obligations, and the increasing cost of living left her financially vulnerable. She ended up selling a portion of her family land to bridge the income gap — a painful decision that could have been avoided with better personal planning.

Why does this mistake occur?

👉 First, there is a false sense of security — employees assume the company has fully taken care of their future.

👉 Second, many employees lack awareness about how much retirement income they will truly need.

👉 Third, there is little customization — employer pension schemes are standardized; they do not account for individual dreams, healthcare needs, or desired lifestyles.

Relying solely on an employer’s plan is like planning for a long journey with only half a tank of fuel. You might get started comfortably, but eventually, you’ll run out — stranded in a time when you have fewer resources and fewer options.

How can this mistake be mitigated?

✅ Start a personal retirement plan in addition to your employer’s pension. Whether through a Personal Pension Plan (PPP), an Individual Retirement Benefits Scheme (IRBS), or a Voluntary Savings Account, supplementing your retirement income streams is crucial.

✅ Calculate your real retirement needs. At Tamara’s Financial Planning & Consultancy, we guide clients through estimating future expenses realistically, factoring in inflation, healthcare, and family responsibilities.

✅ Diversify your savings and investments. Building additional investments — such as unit trusts, real estate, or professionally advised portfolios — ensures you are not dependent on a single income stream during retirement.

✅ Regularly review your pension statements. Understand how much you have accumulated, how it is invested, and what you can expect at retirement. If there is a gap, the earlier you know, the better you can plan to close it.

Ask yourself today:

👉 If your employer’s pension was your only source of income tomorrow, would you be able to live the life you envision?

👉 Have you taken ownership of your retirement future, or are you trusting your employer to do it for you?

If you cannot confidently answer these questions, it is time to act.

As I often tell my clients:

“Your retirement is your personal responsibility. Employers can help you start, but only you can finish the race toward financial freedom.” — FA Tamara Were

At Tamara’s Financial Planning & Consultancy, we walk with you to design personalized, flexible, and secure retirement strategies that align with your unique vision — beyond what any employer plan can offer.

You deserve a future built on your terms — not limited by the boundaries of a single plan.

 

Mistake 5: Underestimating Healthcare Costs in Retirement

One of the most dangerous financial traps retirees fall into is underestimating the true cost of healthcare.

While many Kenyans imagine that retirement will bring a calm, relaxed life, few anticipate that it will also bring rising medical expenses — often becoming the largest and most unpredictable financial burden in old age.

Research shows that in Kenya, healthcare costs increase by approximately 12-15% annually, far outpacing the general inflation rate. According to a report by the Kenya Healthcare Federation, out-of-pocket healthcare expenses account for nearly 25% of household budgets among retirees.

In real terms, this means that unless you prepare, healthcare could easily wipe out your retirement savings.

The tragic story of Mr. Otieno illustrates this vividly.

A retired teacher from Kisumu, Mr. Otieno had modest retirement savings and a small monthly pension. He had envisioned a peaceful retirement tending to his farm. However, in his early 70s, he was diagnosed with diabetes and later developed complications requiring frequent hospital admissions and expensive medication.

Without private insurance, and with NHIF offering limited coverage for chronic conditions, Mr. Otieno’s family had to organize harambees (fundraisers) several times to cover medical bills. Eventually, he was forced to sell his farm — his dream retirement project — just to afford basic healthcare.

Why do retirees underestimate healthcare costs?

👉 Optimism bias — People tend to believe that they will remain healthy throughout old age.

👉 Dependence on NHIF alone — Many assume the National Health Insurance Fund (NHIF) is sufficient, but NHIF has limits on chronic disease care, surgeries, and specialized treatments.

👉 Lack of early planning — Medical insurance is cheaper and more accessible when you are younger and healthier. Waiting until later often results in expensive premiums or denied coverage due to pre-existing conditions.

The consequences of this mistake are devastating:

• Retirement savings get depleted rapidly.
• Emotional and financial stress on family members.
• Loss of dignity and independence, having to rely on fundraising or charity for basic medical care.

How can you avoid this costly mistake?

✅ Secure comprehensive health insurance early.

At Tamara’s Financial Planning & Consultancy, we strongly advise clients to invest in a long-term health insurance plan while still young and healthy. Options such as private medical covers that extend into retirement, medical savings accounts, or specialized senior citizen covers can be structured early when costs are manageable.

✅ Factor healthcare into your retirement budget.

Do not plan retirement only around living expenses; add a realistic annual healthcare cost assumption — and plan for it to grow faster than other costs due to medical inflation.

✅ Create an emergency healthcare fund.

Set aside a dedicated portion of your savings solely for unforeseen medical needs. Ideally, this fund should cover at least 2–3 years’ worth of anticipated healthcare expenses.

✅ Adopt a healthy lifestyle now.

Prevention is far cheaper than cure. Investing in a healthy diet, exercise, regular check-ups, and wellness can delay or even prevent costly illnesses later in life.

Ask yourself today:

👉 If you needed KSh 500,000 urgently for surgery or specialized treatment after retirement, would you have a plan ready?

👉 Is your current health cover enough to sustain you comfortably for the next 20-30 years after you stop working?

*If you are unsure, the time to prepare is now — not later when options are fewer and costlier.

As we often tell our clients at Tamara’s:

“In retirement, your wealth is not measured only in money — but in your ability to access quality healthcare without sacrificing your dignity or dreams.”

Retirement planning without factoring in healthcare costs is incomplete — and dangerously so.

 

Mistake 6: Not Adjusting Lifestyle to Match Retirement Income

One of the most overlooked but financially destructive mistakes in retirement is failing to adjust one’s lifestyle to fit the new, often reduced, income. Many retirees in Kenya make the fatal error of trying to maintain their pre-retirement standard of living — despite their income shrinking drastically.

When you retire, you no longer earn a monthly salary or business profits like you once did. Your financial fuel shifts from active income to passive income: savings, pensions, investments, or rental income.

Yet, lifestyle habits — from eating out, maintaining large homes, expensive travel, or supporting extended family — often remain unchanged.

The Kenya National Bureau of Statistics (KNBS) reports that about 60% of retirees exhaust their pension savings within the first 5–10 years of retirement. A major cause? Living beyond their sustainable means.

Take the real case of Mrs. Wangari, a former bank executive in Nairobi.

After retirement, she continued living in an upscale estate, drove a luxury car, frequently travelled abroad, and supported multiple relatives financially.

Within 8 years, despite starting with significant retirement savings, her funds dwindled dangerously low. Forced to downsize late in life, she described it as “losing the life she had built with pride.”

Had she adjusted her lifestyle earlier to match her new financial reality, she could have preserved her savings longer and with less stress.

Why do retirees struggle with lifestyle adjustment?

👉 Emotional attachment to status.

After decades of hard work, many feel they “deserve” to continue enjoying luxuries — even when unsustainable.

👉 Cultural and family pressures.

In Kenya, retirees are often seen as the family’s financial backbone, supporting children, grandchildren, or relatives, even when they can no longer afford to.

👉 Poor financial forecasting.

Without a clear retirement income plan, it’s hard to understand how long savings need to last — often leading to overspending in the early years.

The consequences are heartbreaking:

• Retirees face sudden poverty later in life when it becomes even harder to adjust.
• Financial dependence on children or relatives, reversing roles and creating family tension.
• Anxiety and loss of dignity as living standards collapse.

How can you avoid this critical mistake?

✅ Create a realistic retirement budget.

At Tamara’s Financial Planning & Consultancy, we help clients map out expected monthly expenses and match them to reliable income sources. This ensures you live within your sustainable limits.

✅ Downsize early — proactively, not reactively.

It is wiser to move to a smaller home, adjust lifestyle choices, and simplify your expenses in the early years of retirement while still in good health — rather than being forced into it later under distress.

✅ Prioritize spending on needs, not wants.

During retirement, essentials such as healthcare, housing, and food must take priority over luxury goods or unnecessary travel.

✅ Plan family support carefully.

Set clear boundaries about financial support for adult children and relatives. Helping others at the expense of your own security is not sustainable — and could ultimately burden them more in the future.

✅ Adopt a “retiree’s mindset.”

Understand that the purpose of wealth in retirement is security, independence, and peace of mind — not maintaining outward appearances.

Ask yourself honestly:

👉 If your income drops by 50% today, could you maintain your current lifestyle comfortably for the next 20 years?

👉 Have you prepared a detailed spending plan that matches your projected retirement income?

If you haven’t, now is the time to take action.

At Tamara’s Financial Planning & Consultancy, we guide you to design not just a retirement saving plan — but a retirement living plan that ensures you never have to sacrifice dignity, security, or joy in your later years.

“Retirement is not about living large; it’s about living smart.”

Let us help you create a financial path where your golden years remain bright — without unnecessary financial stress.

 

Mistake #7: Failing to Adjust Retirement Plans Over Time

The Mistake:

One of the most common retirement mistakes people make is setting their retirement plan and forgetting about it. Life changes — inflation, new family responsibilities, health issues, or career shifts — and without regularly updating your retirement strategy, you could be setting yourself up for a future that doesn’t align with your needs.

For instance, many individuals make the mistake of selecting a retirement plan or investment strategy early in their career and never revisiting it as they get older or their financial situation changes. The strategy might have worked in the beginning, but not all investments age well or keep pace with inflation.

Cause:

• Complacency: People believe that once they’ve set up a retirement plan, they can just relax and let it grow.
• Lack of Financial Literacy: Many don’t understand that retirement plans require periodic evaluations to adapt to changes in income, expenses, or retirement goals.
• Fear of Change: Some people fear altering their financial plans, worried that they may lose what they’ve already accumulated or might make a wrong move.

What It Does:

• Unrealistic Retirement Goals: By not adjusting your plan, you might be assuming your future will look like today — but things will likely be different. You could find yourself facing unexpected expenses or a reduced income.
• Missed Opportunities: Sticking to outdated investments might prevent you from taking advantage of new, higher-return opportunities that better suit your current situation.
• Unanticipated Shortfalls: If you fail to factor in inflation or adjust for rising healthcare costs, you could end up running out of money during your retirement years.

For example, Kenya’s inflation rate has fluctuated between 5% and 10% in the last decade. Without adjusting your retirement plan to counteract this, you might find that your savings are not growing fast enough to meet future needs, leaving you financially vulnerable.

Mitigating the Mistake:

1. Regularly Review Your Retirement Plan: Every year, take the time to review your retirement goals, savings, and investments. Adjust for inflation, increased living costs, or new goals you might have (like wanting to travel more in retirement).
2. Diversify Your Portfolio: As you approach retirement, it’s important to adjust your portfolio to balance between growth and stability. More aggressive investments may have served you in your 30s, but by your 50s, you might want to shift to safer, income-producing options like bonds or dividend-paying stocks.
3. Factor in Healthcare Needs: The cost of healthcare often rises significantly as you age. If you’re nearing retirement, make sure you’re saving for this expense. In Kenya, the cost of medical services is increasing rapidly, and having health insurance or a dedicated healthcare savings plan will ensure you’re not caught off guard.
4. Account for Life Changes: Adjust your plan based on major life events such as marriage, divorce, the birth of a child, or changes in your employment situation. These could drastically affect your retirement timeline and financial needs.

Real-Life Story:

Take John (58), a middle-income professional who worked for 30 years in a steady government job. When he started saving for retirement, he opted for a government pension scheme, assuming that would be enough to live on in his later years. However, by the time John turned 55, his health began to deteriorate, and his expenses skyrocketed, particularly in terms of medical care.

Had John revisited his retirement plan five years earlier, he might have seen that the growth rate on his pension wasn’t keeping up with rising healthcare costs and inflation. Instead of solely relying on the pension, John could have started contributing to a private health insurance policy or invested in high-return assets. Now, John is struggling with medical bills, and his retirement fund isn’t enough to sustain him.

Act Now:

When was the last time you revisited your retirement plan? Is it growing in line with your changing life circumstances and the rising cost of living? Don’t let complacency prevent you from securing your future.

Start by scheduling a free consultation with us today to assess your retirement plan. Together, we can ensure that your future is financially secure and free from surprises. Reach out now!

Insights and Statistical Research:

According to a survey by the Financial Services Authority of Kenya (2021), 60% of Kenyan workers are not actively reviewing or updating their retirement plans, despite living costs and inflation continuing to increase. This highlights the importance of staying proactive with your retirement planning.

Furthermore, research shows that inflation in Kenya has consistently been above 5% for over a decade, meaning the purchasing power of the shilling is diminishing over time. If you are not adjusting your retirement savings plan to reflect these economic changes, you’re essentially working harder for less.

Kenya’s demographic trends show that our population is aging. Yet, only a small fraction is financially prepared for retirement. This can change — one individual at a time — through awareness, action, and professional guidance.

At Tamara’s Planning & Consultancy, we are committed to helping you build a retirement plan that fits your life, your dreams, and your future security. Whether you are 25 or 55, the best time to take control of your retirement journey is now.

Your future deserves a plan. Let’s build it together.