Start Planning for Retirement on the Day You Get Hired – HFB’s David Opiokello Tips Ugandans

The 25th ICPAU seminar organized by the Institute of Certified Public Accountants of Uganda (ICPAU) held at Imperial Resort Beach in Entebbe, was successfully called to an end on Friday November 27 for the 2020 edition.

The 3-day annual event saw over 700 virtual participants and 200 physical attendees benefit from the diverse pertinent topics including crisis management during hard times like Covid- 19, oil and gas among others discussed by very experienced experts whose deliveries were beyond expectations.

While discussing retirement and benefits that come along with it, CPA David Opiokello, the Chairman Board of Directors, Housing Finance Bank Limited and Second ICPAU President tipped all Ugandans to immediately embark on planning for retirement the moment they are absorbed into the job market.

“Most of us don’t want to even hear the word retirement when we are just getting a job and tend to distance ourselves from that topic completely, but I must assure you that if you want to leave a happy life after your routine job, you must start planning for retirement on the very day you get hired into employment,” Opiokello said.

He added that one needs to have his or her own home at retirement stage and not renting anymore as that will bring a lot of stress that in most cases gives one health complications and may result into early deaths.

On preparations to own a home, Opiokello advised, “Decide on a location, factors influencing location including family convenience and activities to undertake during retirement.”

“Financial planning provides a basis for planning all the other items,” he said, pointing out issues to be considered including growing a financial and another asset base that will provide the needed cash flow now and for the future.

On when one should get to execute their retirement plan, Opiokello said that it can be anytime but, “preferably long before retirement day, reviewing and modifying the plan on an ongoing basis as circumstances demand and for it to remain relevant. Planning helps us to identify parties with whom we need to work to achieve our objectives (partnerships for business).”


He further noted that, “planning for retirement stimulates our thinking about the type of lifestyle to lead on retirement. Planning encourages us to assess risks associated with each activity and subsequently mitigating actions available to manage them and to determine the manner in which the plans are to be executed and the discipline.”

Isaac Nsereko, Business Executive and Entrepreneur advised thus, “Research about any business where you want to invest, how does the business make money? Understand the fundamentals of the business. Close that knowledge and skills gap, about the market and product among others.”

Nsereko shared some of the key indicators that inform investments which among others include, Rapid Population growth at 3.7% p.a (World Bank 2018).

“Uganda has one the fastest growing populations, a big Market for basics and low penetration of financial services. According to the National Social Security Fund (NSSF) survey on the quality of life, people that had received their funds on retirement and found that benefits sustained 53% of the beneficiaries for less than a year.”

Isaac Nsereko was among the panelists at the 25th ICPAU seminar.

He explained that some adjustments may be needed in family relationships, “healthcare for self and family is more challenging to manage in retirement and Retirement Home may need relocation to upcountry.”

The survey indicates that all retirees experience, in varying degrees, a transition from normal working life to a new lifestyle. Elements most likely to change include;

  • General idleness or a new set of activities/routines to be undertaken.
  • Regular cash flow for many tends to drop sometimes dramatically.
  • Often workmates are replaced with new associates at different levels.
  • A Mindset forced to change to cope with the new environment.
  • Regular cash flow for many tends to drop sometimes dramatically.
  • Often workmates are replaced with new associates at different levels.
  • A Mindset forced to change to cope with the new environment.
  • CPA Opiokello says retirement is often characterized by fear as it introduces some degree of uncertainty, unclear expectations in the Change in Lifestyle and Routines and negative examples of some retirees tend to discourage others.
  • 40% of the Beneficiaries spent 12% of the benefits on Education.
  • Food, Health and Education are the common cost priority areas for retirees.
  • Majority of retirees continued to be engaged in gainful employment.
  • Many retirees recommended a system that generates a steady cash flow among others.


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