The Managing Director of Ecobank Development Corporation Investments Ltd (EDC), Paul Kofi Mante has said many people retire without plans to maintain cash flow in their lives.
In expressing his worry, he said, “A lot of people retire and are rich in assets, but poor in cash flow. This means they may have a big house, but they can’t buy food. They may have a big house but have a medical bill of ¢5000 that they cannot pay.
Mr Kofi Mante spoke as a panellist on Old Mutual’s ɔbra Pa (good life) Retirement Salary stakeholder engagement which was themed “Retiring with confidence; how to live a fulfilled life with a retirement salary’’.
Describing retirement policy, he said, “This product if taken seriously, could potentially prolong lives. What a product like Ɔbra Pa does is to guarantee you cash flow when you retire’’.
Old Mutual, Ghana’s innovative insurance company led the pack by recently launching a pioneering retirement product called With Profit Annuity dubbed “ɔbra Pa Retirement Salary.”
It aims to provide a guaranteed stream of income for retirees for the rest of their lives.
Rita Boateng, Head of Marketing and Operations, Old Mutual Ghana said the policy was designed to help retirees experience all the good things they want in retirement.
“It helps them to enjoy a customised plan tailored towards their unique needs while helping protect what matters most to them in retirement.
“To become a beneficiary, one has to be 50 years and above and invest a minimum lump sum of ¢20,000 upfront,” she said.
She added, “In addition to the monthly salaries for individual policyholders, couples can also enjoy Joint Spousal Benefits when they take the policy together. There is also a funeral cover for all policyholders.”
