A Financial Expert, Paul Mante, has entreated all employers to provide financial orientation for their employees from the very first day they assume duty.

Speaking on Friday, January 7, 2022, on JoyFM's Super Morning Show, he explained that this is to enable the employees plan adequately for their retirement.

"I recommend that companies who care about employees should add financial planning to orientation. So from day one, when you [employers] are hiring people, orient them about retirement, because it makes it easy for the employee to have a great retirement," he said.

Mr. Mante was contributing to discussions that centered on how to plan for a good retirement.

He stated that often, people begin to plan for their retirement when they are older, "when they are in their 50s." However, the recommended practice, according to him, is to start planning for retirement at a younger age, since that would require a lesser investment compared to one who begins investing for their retirement at an older age.

He cited for instance, that if an individual who is now 40 and would retire at 60 but lives till 85, decides to invest for his retirement with a seed capital of GH₵50,000 would have to start making a monthly deposit of about GH₵1,495 in order to have a good retirement. Such a person would be making a monthly withdrawal of about GH₵26,910.

Meanwhile, if he had started investing at the age of 26 with the same seed capital, he would have saved only 99 cedis a month, yet would still make a monthly withdrawal of GH₵102,000.

"We have 20 years from 40 to 60 to plan for a retirement of 25 years. If a person makes an investment with a seed of GH₵50,000, his monthly withdrawal will be ₵26,910. Now this person needs to commit GH₵1,495 every month," he said. But assuming he started investing at age 30, his commitment would drop from ₵1,495 to ₵361 and still make a monthly withdrawal of GH₵69,798," he said.

He added that "if the person had started at 26 years, he would be making a monthly withdrawal of GH₵102,000 and be depositing GH₵99 a month."

He, therefore, urged any individual who wants to enjoy a very good life during retirement to start planning from the very first day they start working.

"The younger you are, the easier it becomes to plan for your retirement. It's not rocket science. If you don't do it this year but wait till 2033, you're putting more pressure on yourself," he said.