Kenya’s preparedness for retirement

79% of Kenyans plan to retire from work while 29% plan to work throughout their life. This is according to research conducted by the association of Kenya Insurers, which focused on the country’s preparedness for retirement.

The study also shows that 70% of people between 18-24 years are optimistic that they will have saved enough money by the time they retire but the level of optimism goes down with age due to reality of income.

80% of Kenyans will depend on their savings as a source of income after they retire while 58% will depend on their farming business and 36% will depend on their children after retirement.

The research further reveals that 70% of Kenyans do not know how much they will have after retirement neither do they know how much they should save to be financially secure after retiring.

More females in the country are prepared for retirement than their male counterparts while more people in the rural areas are more prepared compared to urban areas. The research was conducted between April and May 2019 and five hundred eighty nine people were interviewed.

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