Retirement, and the absence of a job, is often linked to lack of a reliable source of income. This need not be the case when one has saved with NSSF. Mr. Joseph Enyonu-Enyabu’s life in retirement is testimony to this. He tells a story of a satisfying life of an entrepreneur, school proprietor and politician.
His testimony shows how a well-planned retirement often comes with benefits that help one to stay above the waters.
While some barely have anything to show for their NSSF savings after years, or even months into retirement, Joseph Enyonu-Enyabu is comfortable because he planned for and invested his NSSF package.
The former Assistant Commissioner with Uganda Revenue Authority tells a story of a satisfying life in retirement. “I retired in February 2005 and I applied for my money immediately, in fact I was even late, most of my friends had done it earlier. But the money I got really gave me a soft landing. I got Shs90 million from my savings,” says Mr. Enyonu who is now Dokolo District vice chairman. “I was more than surprised by the short time it took me to get my money from pension, it was a sweet surprise,” the 57 year- old adds.
Enyonu started saving with the National Social Security Fund in 1992. This happened late because he was a civil servant working with the Ministry of Finance for about 16 years from 1966 before joining the Uganda Revenue Authority as a Statistician in 1992. He was a local consultant in the formation of URA and later served in various roles related to tax policy and tax administration. By the time he retired from URA in 2005 to access his NSSF, he was a deputy commissioner.
Enyonu says he already knew what he wanted to do with the money even before it came.
“I started two branches of Bata Modern Secondary Schools in 2004, one in Apac and the other in Dokolo and when the money came in 2005, I invested it in these schools. Today each of the schools is worth over Shs700 million,” he discloses. With the existing need for more schools in the region, the schools are not just an investment for Enyonu, but an opportunity for many students to continue with their education beyond primary school.
Enyonu also invested part of his savings in a commercial building situated in the heart of Dokolo town where he operates a restaurant, a lodge and a bookshop. Part of the building is also being rented by Stanbic Bank, one of the few banks in the district.
Mr Enyonu is has extended his business to farming. “We have planted about 500 citrus trees and over 3000 pines at a farm in Bata. We have also started a piggery project with six pigs and are also moving into poultry,” Enyonu explains of what he is doing with his family. All these investments in one way or another have contributed in raising the profile of Dokolo District, created jobs for residents and are an inspiration to others to borrow a leaf from Enyonu’s efforts
“These are activities which make my life very comfortable, in fact I am living better than when I was still in Kampala,” he adds. He says retirement life can be a fun, enjoyable experience, if one has maintained an active lifestyle throughout working years and has saved enough money. “This is the time that is supposed to give you all the freedom, time and resources to fully enjoy your life,” he notes.
Mr Enyonu cautions retirees against blowing up their savings in lavish spending. “I know some of my friends who got their savings and rushed to buying prados (four-wheel drive Japanese cars) and today there are already struggling just after a few years of retirement.”
"I am happily retired and doing my own business. I am free to to whatever I want, whenever, because my life in retirement has been taken care of, thanks to my savings with NSSF."
Mr. Enyonu's experience helped him realize that positive changes have taken place at the NSSF as far as benefits processing and payment is concerned. He recalls that applying and receiving his savings with the NSSF took him a short while. He argues that Life after retirement could become a bitter experience, if one barely has any money saved and are in poor health. “Planning for life after retirement should start by the time you join the workforce. In fact, it is even better to have a well laid-down retirement plan, before the first day you go to work,” he advises.
He thinks that NSSF could do better if they improved dissemination of information regarding the scheme and widened their networks through the setting-up regional offices. He also wants claimants to know the requirements for claiming their savings and what records they should keep to make the claim process even easier. He questions why the interest on workers savings is declining yet NSSF has made numerous investments; He wonders where the profits are going and who is benefiting. However, statement from NSSF’s Public Relations Manager Victor Karamagi explains that according to the NSSF Act interest is declared at the close of the financial year and is subject to change “depending on the Fund’s performance.”
"I am happily retired and doing my own business. I am free to to whatever I want, whenever, because my life in retirement has been taken care of, thanks to my savings with NSSF," he says.
|
