By: Binta Jaiteh
The West African Institute for Financial and Economic Management (WAIFEM) Monday started five-day regional training course on retirement planning and personal finance management.
The training course, held at Paradise Suits Hotel brought together experts and resource persons in retirement planning to guide the participants through the course sharing their knowledge and experience.
Dr. Alvin Johnson, representative of the Director General of WAIFEM acknowledges that retirement marks the start of a new chapter of life filled with opportunities, personal growth, and the chance to pursue lifelong dreams. “Whether one is approaching retirement age or simply looking to gain insights for the future, this course is designed to provide participants with valuable knowledge and strategies to make the most of this significant phase of life,” he remarked.
According to him, retirement is a unique journey to everyone as it is not just about financial planning but also about envisioning a fulfilling future and making the most of your newfound freedom.
“The course will discuss strategies for managing your finances, creating a retirement budget, exploring investment options, healthy living and ensuring financial security in the years to come,” Mr. Johnson added. He says it is important for one to note that retirement is not solely about money. “It is a time for personal reflection, self-discovery, and pursuing new passions. The course will also delve into the emotional aspects of retirement, including transitioning from a structured work routine to a more flexible and self-directed lifestyle,” he added.
For his part, Abubacarr Cham representative of Central Bank Governor, Buah Saidy reiterated that retirement is not an end but a new beginning.
“It marks the commencement of a new chapter in our lives, one that promises rest, reflection, and in many cases, reinvention,” he stated.
He says the promise can only be realized if one approaches retirement not as an afterthought, but as a carefully prepared journey.
“Today’s realities demand a fundamental shift in how we view retirement. Increased life expectancy, changing family structures, technological disruption, and economic volatility have made the retirement landscape more complex,” he noted.
“Whereas retirement once lasted perhaps a decade, many now spend a full quarter of their lives in retirement. This longevity is a gift, but also a challenge. Without prudent planning, what should be a period of peace can quickly become a season of stress,” he added.