Senior school heads and teachers have been urged to plan early and prudently for retirement to avoid financial distress after leaving formal employment.
Speaking at the close of the Murang’a KESSHA conference in Mombasa, Senior Lecturer in the Department of Psychology at the University of Nairobi, Dr Geoffrey Wago (OGW), warned that many teachers struggle with financial management once they retire.
Dr Wago noted that failure to prepare adequately often exposes retirees to economic hardship, anxiety and, in some cases, serious mental health challenges.
He emphasised that retirement planning should begin early in one’s career to ensure a smooth transition out of employment.
He further observed that male teachers are particularly vulnerable, urging them to adopt better financial discipline and long-term planning strategies.
“You need to prepare from the beginning because if you don’t plan for life after formal employment, you are setting yourself up for serious challenges. I stress this especially to men, who tend to be poorer at managing retirement benefits compared to women,” he said.
The lecturer encouraged educators to seek financial literacy, invest wisely and develop sustainable income streams that can support them beyond their working years.
A section of Murang’a senior school heads attends the KESSHA conference in Nyali, Mombasa County.Dr Wago also cautioned male teachers against making impulsive life decisions as they approach retirement, noting that some end up creating new financial burdens instead of securing their future.
He warned that a growing number of male retirees fall into the trap of rushing into relationships with younger women or starting new families at a time when they should be consolidating their resources and planning for a stable retirement.
Pension benefits
Dr Wago cited cases where teachers reportedly squander their pension benefits on new partners or divert their savings to support newly formed families, leaving them financially strained shortly after exiting employment.
“Imagine someone abandoning his family and going for a younger woman, and they even end up having a child together. Instead of enjoying their retirement benefits, they take on new responsibilities and eventually find themselves stranded,” he said.
The psychologist urged teachers to make thoughtful, well-planned decisions as they prepare for retirement, adding that emotional discipline is just as important as financial discipline in securing a dignified life after service.
Dr Wago further observed that some principals and teachers make costly financial missteps as they approach retirement, driven by lifestyle pressure and poor planning.
He noted that many retirees rush to purchase expensive vehicles or venture into business without adequate preparation, often exposing themselves to financial losses.
Business investments
While acknowledging that entrepreneurship can be beneficial, Dr Wago emphasised that business investments should be made earlier in one’s career and nurtured over time.
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He said the period approaching retirement should instead be focused on enjoying returns from well-planned investments made during active service.
He urged teachers to prioritise financial literacy and discipline, stressing the importance of informed decision-making in safeguarding their future.
“Do what is necessary, not what you simply desire. Financial systems and structures have no feelings, and a wrong decision can subject you to years of struggle in retirement,” he said.
By Shaban Omar
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