Early savings will lessen burden of old age

INSURANCE statistics show that an average Namibian employee retires on about 30 per cent of his pre-retirement salary, according to the Group Executive Officer of Alexander Forbes Namibia, Manfred Zamuee.

‘This makes it difficult to meet post-retirement challenges, and the situations creates a massive burden on the government in terms of state old-age pension,’ he was quoted as saying. Statistics also reveal that the majority of Namibians are spending their hard-earned money on luxuries rather than saving for their old age, which also creates difficulties after retirement. ‘We need to embrace a culture of saving to be able to meet future needs comfortably. Senior citizens know this, and so need to share this advice with the younger generation: to start saving early in their lives in order to have a better life after retirement,’ Zamuee said.His message was delivered at an event at Uis on Wednesday where about 150 local senior citizens received food, bedding and a radio donated by the Erongo Regional Council and local businesses. Alexander Forbes was the main sponsor. Bryan Hoveka, Managing Director of Investment Solutions, a subsidiary of Alexander Forbes, delivered the message on Zamuee’s behalf.