Saving for Retirement Through Jubilee Life Retirement Plans

According to the World Bank collection of development indicators, Kenya’s savings as a percentage of GDP is estimated to be the lowest in Africa at 12 per cent with Tanzania and Uganda beyond the 20 per cent mark.

Further data from the International Monetary Fund showed that savings from Kenya’s private citizens stood at 11.5 per cent in 2021 with the savings rate projected to gradually improve over the next six years to hit 13.2 per cent in 2026.

The low savings rate has been attributed to limited financial literacy on all available and suitable financial products to utilize and build savings over time. Building an effective savings kitty requires an individual to identify and use financial tools that give competitive returns. This means that your money should be “gainfully employed” in an avenue that ensures growth and stability over time.

Jubilee Life Insurance Limited has two retirement solutions for individuals; the Personal Pension Plan and Personal Provident Fund, which enable individuals to put aside money during their active work life to be spent during retirement. Retirement age is segmented into three categories; normal retirement which is at 60 years, early retirement at 50 years and late retirement at 65 years.

The benefits of retirement planning cannot be over emphasized. Jubilee’s pension products are long-term savings products geared towards giving individuals independence and peace of mind during retirement.

It is recommended that at least 30 per cent of your income should go towards saving to secure a lifestyle that is like what you have during your work life. Jubilee Retirement Plans enable individuals to save and plan for their retirement. The contributions are invested in a Guaranteed Fund, ensuring capital preservation; with a minimum guarantee of 4%. Jubilee Life has consistently given competitive returns with an average net return of 10.5% for the past 10 years.

Individuals can make flexible contributions on a monthly, quarterly, bi-annual, or annual basis and receive a tax relief of up to Kes. 20,000 per month. The plans also give flexibility to increase, decrease or stop contributions based on an individual’s financial situation.

Over and beyond the provision of Insurance, Savings and Retirement solutions, Jubilee Life Insurance also offers advisory services to set you off on your financial journey and enable you live free. Our experienced team of financial experts are available to give you guidance on financial products that match your needs and goals.

Learn more about our Pension Plan and sign up via pensions.jubileeinsurance.com/eforms