How NSSF is making me RICH!

The other day I got an interesting SMS from the NSSF CEO, Richard Byarugaba. He told me that he was paying me 11% in interest for the last year. He told me that the interest would be credited to my NSSF account the following day. True to his word, he went ahead to credit my account with tens of millions of shillings the next day. The previous year NSSF paid me a wooping 15% without me doing a thing. At this rate I will retire with several billions to show for it.

I gasped in amazement when I read the SMS. I really didn’t do anything much to earn this cash. I just showed up daily to work for the last ten years. I have been lucky to have reasonable employers who have diligently remitted my NSSF contribution on a monthly basis. I have also heavily invested in myself. This has seen my salary from work multiply quite fast over the last ten years.

It is a good thing I can’t access this money till retirement otherwise I might be tempted to gamble my savings in some risky venture. Unfortunately this is what most retirees do and most of them end up broke after two years.

NSSF is one of the best long term investment options around town. They easily outperform many other funds. The challenge is that many working people in the informal sector do not participate. This is really because of lack of information. NSSF actually has a voluntary saving scheme where anyone can open up an account and save money. So if you are self employed or have a small business you need to consider investing with NSSF for the long term.

So I would encourage anyone who is not actively investing with NSSF to consider joining the fund. Just visit any of their branches. Don’t be blinded by the negative news coverage. I am making several millions of shillings doing nothing! Talk about passive investment! Investment in NSSF should be part of your long term retirement strategy. Kudos to the NSSF team. Thanks for working diligently to increase my wealth.

Your retirement strategy should have a three pronged approach. Think of a stool with three legs. One leg should be NSSF or any other kind of social security. The second leg should be another pension fund which is separate. There are several players in the market who are providing this service. If you are lucky your employer will have some kind of pension or provident fund. The third leg is your personal savings and investments you make throughout your working life. For the stool to balance properly all three legs should be strong enough.

Don’t walk into retirement without any plan! The time to start thinking and planning for retirement is NOW! Don’t think you are too young or you earn too little! It is never too early to plan for retirement.

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