There comes a time when every worker in the formal sector goes on retirement and there is a need to effectively plan towards that period. Today, many retirees across the Africa live in poverty. This occurs because the average worker does not prepare adequately for retirement. This transcends to Ghana where most people work in the informal sector. Hence, there is a need to develop strategies that would help people live comfortably in their old age when they can no longer work. Retirement is a crucial stage in life that should not be taken for granted. One basically stops working for a paid income and survives on their own savings or investment proceeds. Retirement is probably the most critical period for finishing unfinished goals. These goals, whatever they may be, have crucial financial implications. Unfortunately, what is not available during retirement is a salary and that is where pensions and retirement planning come in handy. Planning for retirement prior to its occurrence will help retirees live comfortably.
The purpose of writing this book is to take the ‘tire’ out of retirement. It seeks to provide a simple and yet comprehensive basic guidance for the benefit of both public and private workers on retirement planning. It is envisaged that it will serve as a handbook to be used at workshops for both public and private workers in the Ghanaian society. The book has been prepared with sufficient reference to the Ghanaian and the Western context to meet the needs of both Ghanaians and workers outside Ghana. It may also be used as an academic material, to be specific, as a textbook. Also, advanced students pursuing specialized programmes in guidance and counselling at M.Ed./M/A/MPhil/Ph.D. levels will find this book as a useful introductory material to undertake more detailed work.
The book is grouped into seven chapters. Chapter one looks at the concept of retirement – retirement is defined, the history behind retirement and how pension funds are calculated. Chapter two examines theories on retirement. Seven theories are discussed which include: Role, Continuity, Disengagement, Crisis, Erickson’s Psychosocial, Bandura’s Self-reinforcement and Self-efficacy theories. Chapter three considers laws on retirement. In the chapter, Ghana’s laws on retirement are examined. The discussions in the chapter ended with an examination of the Social Security and National Insurance Trust (SSNIT) Pension Scheme in Ghana.
In chapter four, phases of retirement are discussed in detail. Items considered in the various phases of retirement include pre-retirement, honeymoon, immediate retirement routine, rest and relaxation, disengagement, reorientation, final and nation phase, among others. Chapter five talks about retirement planning. Under the topic, issues discussed are employees’ route towards retirement, retirement programmes, retirement planning and gender differences, factors affecting retirement planning as well as external and internal contingencies plans for retirement. The sixth chapter talks about challenges associated with retirement. Stress, inadequate funds, managing health issues, managing new and low social status and difficulty in time management are also considered in the chapter. Finally, the last but not least chapter which is chapter seven delves into strategies for adjustment in retirement. The following factors on adjustment are discussed: financial, social, religious, and physical.
It is my wish that this book would prove to be a useful material for both public and private workers as well as lecturers/tutors and students in tertiary academic institutions in Ghana.
Rev. Dr. Bernard Kofi Adinkrah is an Ordained Minister of the Presbyterian Church of Ghana. He holds Philosophy Doctorate in Guidance and Counselling, Master of Education in Administration and Management from the University of Education, Winneba. He also holds a Master of Theology and Master of Art in Mission and Theology from the Trinity Theological Seminary, Accra and Akrofi-Christaller Institute, Akropong-Akuapem respectively. He is currently the Head of Department for Education at the Kibi Presbyterian College of Education and with a rank of Principal Tutor. He has published eighteen (18) articles and two textbooks. He is a professional counselor and a conference speaker. He has specialized on how guidance services support tutors and students to make informed choices. In addition to his special area, he has worked extensively on values education. He is married to Audrey, and they have four children.
CHAPTER ONE – THE CONCEPT OF RETIREMENT 1
CHAPTER TWO – THEORIES ON RETIREMENT 8
CHAPTER THREE – THE SSNIT PENSION SCHEME 16
CHAPTER FOUR – PHASES OF RETIREMENT 24
CHAPTER SEVEN – STRATEGIES FOR ADJUSTMENT IN RETIREMENT 53
Adinkrah, B.K., Overcoming the ‘Fatigue’ in Retirement, (Accra: Noyam Publishers, 2022).