What Should Worry You and Your Agemates About Retirement

Imagine waking up one morning feeling unwell, visiting a hospital and being asked to pay for treatment you had not budgeted for. Now imagine facing that bill when you have no health insurance and your savings are already stretched by rent, school fees and family responsibilities.

For many Ugandans, this is more than a frightening thought. It is a reminder of how quickly an unexpected illness can disrupt financial plans, including plans for retirement.

Findings from a study of members’ needs undertaken by The Fund in May 2026 reveal an interesting picture of what different generations worry about when it comes to social security.

Notably, 47% of respondents reportedly do not have health insurance cover, even as healthcare ranks among their leading social security concerns. This points to a potential gap between people’s need for protection and the cover they currently have.

The concern cuts across generations, although priorities differ with age.

Different generations, different priorities

For Gen Z, aged 30 and below, healthcare ranks as the top social security need, followed by unemployment support and income security in old age.

Many are still finding their footing in the job market, building businesses or starting careers. With retirement seemingly decades away, healthcare and the fear of losing income can feel more immediate than saving for old age.

For Millennials, aged 30 to 45, unemployment support takes the lead, with healthcare coming second.

This is often the stage of life when responsibilities pile up: school fees, rent or mortgage payments, loans and support for relatives. Losing a job can affect not just one person but an entire household.

For Gen X, aged 41 to 60, unemployment support also ranks first, followed by healthcare.

Many in this group may be approaching retirement while still supporting children and ageing parents. They face the challenge of preparing for a future without a regular salary while meeting today’s financial demands.

For Baby Boomers, aged above 60, healthcare ranks first, followed by family support and income security in old age.

As people grow older, medical needs may become more pressing, while earning opportunities can become limited. Without adequate savings or insurance, healthcare expenses can threaten the financial security they worked for over many years.

What does this mean for you and your agemates?

Retirement planning is not just about how much money you will need when you stop working. It is also about protecting yourself against unexpected events that could drain your savings long before retirement arrives.

Immediate financial pressures cannot be ignored

Members’ social security priorities also need to be understood within the context of their everyday financial pressures.

When respondents were asked about their biggest financial challenges, school fees emerged highest at 24%, while housing and starting or expanding a business were each cited by 20%. Daily household expenses accounted for a further 13%.

These pressures become even more significant when considered alongside household income patterns. Of the respondents, 78% reported relying mainly on one source of income, with only 22% having another regular source apart from their salary or main business.

This means that, for many households, an illness, job loss or business slowdown could quickly disrupt their finances, making it harder to meet daily expenses and save for the future.

Preparing for financial shocks

That is why preparing for retirement should start long before you leave the workforce.

Understand your NSSF benefits, set aside money for emergencies, explore affordable health insurance options and build a consistent saving habit, even if you can only start small.

Where possible, consider developing an additional source of income to cushion yourself against unexpected financial shocks.

Finally, talk openly with your family about financial responsibilities. Planning for school fees, supporting relatives and preparing for emergencies can help prevent unexpected demands from repeatedly derailing your savings.

After all, whether you are 25 or 65, the question remains the same: If you fell ill or lost your income tomorrow, would your finances withstand the shock?