For the purposes of the study, the researcher defined retirement as a process where a worker statutorily exits from actively mandated functions or responsibility with corresponding decline in reward systems either financially, psychologically, or socially. Retirement planning or preparation has also been defined as the process of establishing a retirement income goal and gathering information about one’s potential sources of retirement income (Yakobobki , 2007).
Quite recently on Ghanaweb( September 21, 2018) and plethora of other News outlets, the Auditor General of Ghana, Mr. Daniel Domelovo decried the apathy of Public Sector workers’ apathy to proceed on retirement, having reached the statutory retirement age of 60. He lamented of how apathy to proceed on retirement caused some workers to falsify and forge their birth certificates so as to remain young and “relevant’ in the job market. The opportunity cost of such practice he observed, was that young graduates had to stay home unemployed whilst their grandparents fraudulently occupy positions. Mr. Domelovo however, promised to remove names of the aged from the public payroll in accordance with article 187 clause 7a of the 1992 constitution of Ghana.
The mind boggling question that arises is, why are some workers unprepared to go on retirement? Could it be that they are not psychologically, financially, and socially prepared for retirement? Well, the answers are not far-fetched. A research conducted by a PhD (Cand.) in University of Ghana by Esther Agbodeka on the retirement preparation of Ordained Ministers in Ghana has unraveled that most Ordained Ministers, just like public sectors workers, are not psychologically, financially and socially prepared for retirement. This confirmed similar studies conducted in Ghana by Akuamoah-Boateng (2013) and Kpessah-Whyte (2011) that showed that, many workers do not plan for their retirement. This view was further supported by Wang and Shi, (2014). Wang and Shi, (2014) opined that unfortunately, whereas, people usually devote much time and effort preparing for their occupational roles in life, many enter retirement without any preparation.
The study was on retirement preparation among Ordained Ministers Ghana with related specific objectives of examining the extent to which Ordained Ministers were psychologically, financially and socially prepared for retirement.
Primary data in the form of questionnaires and interviews were used in the data collection using qualitative research approach, relying on the grounded theory in its theoretical framework. A purposive sampling technique was used to sample twenty-eight (28) Ordained Ministers of the Presbyterian Church who were still in active service, eight (8) retirees and five (5) top management members for an in-depth interview. The interviews were recorded and transcribed verbatim. The transcripts were imported into NVivo 11 for onwards data analysis.
The researcher found out that the practice of planning was greatly contingent on the type of Ordained Ministers and the monthly allowance they received. Tent Ordained Ministers who worked as professionals and performed additional Ministry duties in the church were entitled to national pension schemes. However, non-tent Ministers relied on their personal savings for financial planning. Psychologically, Ministers made little preparation because of the absence of a retirement planning policy in the Church. This had therefore created anxiety and a state of uncertainty about retirement. Socially, Ministers acquired their own accommodation and invested in their children education as a form of social security. The study further found that retired Ministers had to rely on their social relations to meet their financial and social needs after retirement, making some of them a burden to society and family members after retirement. The absence of such social support resulted in psychosocial and financial challenges during retirement.
The study further found that Retired Ministers who had planned their retirement were believed to be happier and had less financial challenges.
The researcher recommended that a formal retirement policy document should be formulated by the Church and used as a guide during seminars or conferences for Ordained Ministers whilst they are on active service so that they would not view retirement as punishment, but a means of exiting from active service full of stress for a more comfortable time of rest, leisure and preponderance of career mistakes made while in active service for onward retraction, reflection and correction.
A WORD TO THE WISE, IS VERY ENOUGH!!!!
Aricle By: ESTHER AGBODEKA, PhD (Can.)
Akuamoah-Boateng, H. (2013) ‘Self-reported vi si on health status among older people i n the Kassena-Nankana Di stri ct, Ghana’, Glob Health Acti on, 1(6), pp. 1–7.
Ghanaweb(September 21, 2018). Change the law if you think retirement age should be 80.
Kpessa, M. W. (2011) ‘The poli ti cs of reti rement i ncome securi ty poli cy i n Ghana : Hi stori cal trajectori es and transformati ve capabi li ti es’, Afri can Journal of Poli ti cal Sci ence and I nternati onal Relati ons, 5(February), pp. 92–102.
The 1992 Constitution of Ghana, Article 187 (7a). In the performance of his functions (Auditor General) under the this constitution, or any other law, the Auditor General shall not be subject to the direction or control of any other person or authoprity.
Wang, M. and Shi , J. (2014) ‘Psychologi cal Research on Reti rement’, Annual Revi ew of Psychology, 65(1), pp. 209–233. doi : 10.1146/annurev-psych-010213-115131.
Yakobobki , P. (2007) ‘Are you planni ng and savi ng for reti rement?’, Academe, pp. 31–33.