COPING WITH RETIREMENT THROUGH SAVINGS FROM UCS SACCO

In Malawi and the rest of the world, it is common for employees nearing their retirement age to develop a retirement fever especially when they haven’t figured out on how best to finance their basic needs in the absence of a salary. James Nkolongo, a former messenger at Salima District Fisheries office, ensured the future of his life after retirement was in his own hands by joining United Civil Servants SACCO-UCS SACCO in 2021.

Nkolongo, who served at Salima District Fisheries for nearly 4 decades and is a UCS SACCO member from Salima branch, said he did not find it hard to cope with life after retirement considering he had the confidence that his savings at UCS SACCO were bound to keep working for him.

“When I joined the UCS SACCO, I was exposed to a culture of savings. Of course, I joined as a civil servant but I was aware that I will join the Nzika Account Savings once I retire. Among other benefits, the Nzika Account Savings keeps retirement benefits safe and growing, gives retirees access to financial support through affordable loans, encourages retirees to remain financially secure, helps retirees to manage retirement funds through structured saving, and reduces the risk of quickly exhausting retirement benefits,“ said Nkolongo.

Nkolongo, highlighted that many people stop saving after retirement, yet financial needs continue. For instance, if not for my savings at UCS SACCO and the loans which I access at the institution, I would have struggled to meet the financial demands of my family.

Nkolongo said: “Today, even as a retiree, I am able to still pay school fees for my kids because I have access to flexible loans offered by UCS SACCO and I receive dividends from my savings at the end of each financial year. Nothing has changed compared to the time I had a job because I am still thriving financially. Remarkably, through UCS SACCO, I was able to secure a loan to invest in my agriculture.”

Today, Nkolongo is an established farmer who grows maize on a 2 acres farm in Maganga Village in the area of traditional authority Mdalamkwanda, Salima.

For context, Nzika Savings account is for all retirees and it provides a safe place for pension deposits, offering flexible access to savings for daily expenses or emergencies.