Pensions fall short of securing retirees� future

Friday, March 03, 2017

While retirement is meant to secure a comfortable life for an individual, the majority of members in Botswana retirement funds retire with insufficient incomes, according to the Botswana Pensions Society (BPS).

Many financial experts at the recent BPS annual conference said a retiree needs between 60% and 70% of his final salary as a pension in order to maintain their lifestyle.

“This target pension ratio, referred to as a ‘replacement ratio’ is expected to be enough for the retiree provided he has no debt and no dependants at their date of retirement,” says BPS chairman, Peter Hikhwa.

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