Children, they say are the world’s most valuable resource and the hope for our future; but does that really mean we must children are our pension plans? The answer to this question…though a little complicated, have been answered by Financial Experts.
Some financial experts have revealed that, depending on our children, as our retirement plans, is very dangerous, because they may be disappointed us in the future and in the time of need.
A financial expert, Mr. Paul Mante, has revealed that, children (when they turned adults), are not a reliable source of support during retirement, because of their own personal commitments. in the future.
Speaking on JoyNews’s Super Morning Show program, Mr. Mante revealed that, “Gone are the days when people said my retirement plan is my children; I’m taking care of my children so they take care of me during old age. Things are changing very quickly and if your children are your retirement plan you may get disappointed”.
He added that, “During old age, you may not have the energy to work and you cannot depend on your children,” adding that although “some [children] may genuinely want to help, they are not capable of helping because they are people who are in their 30s and are still struggling to find their feet”.
Mr. Paul Mante, who is the Managing Director of EDC Investments Ltd again stated that, parents must adequately plan for their future in order to avoid financial hardships.
He added that, if a who is now 40 years old and would retire at the age of 60, but lives till 85, decides to invest for his retirement with a seed capital of GH₵50,000 would have to start making a monthly deposit of about GH₵1,495 in order to have a good retirement. Such a person would be making a monthly withdrawal of about GH₵26,910.
Speaking on the Super Morning Show, on Friday, January 7, 2022, Mr. Paul Mante, “We have 20 years from 40 to 60 to plan for a retirement of 25 years. If a person makes an investment with a seed of GH₵50,000, his monthly withdrawal will be GH₵26,910. Now this person needs to commit GH₵1,495 every month,” he said. But assuming he started investing at age 30, his commitment would drop from GH₵ ,495 to GH₵361 and still make a monthly withdrawal of GH₵69,798,”.
“If a person starts saving at 26 years, he would be making a monthly withdrawal of GH₵102,000, and be depositing GH₵99 a month”.
He, therefore, urged any individual who wants to enjoy a very good life during retirement to start planning from the very first day they start working, because according to him, “The younger you are, the easier it becomes to plan for your retirement.
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