Public service accountants advised to plan for post-retirement cash inflow

Public sector Chartered accountants still in active service have been urged to think through setting up businesses as a way of guaranteeing a constant cash inflow when they go on retirement.

They have been encouraged to consider businesses such as real estate, farming of high-value crops and animals such as ornamental birds, agro-processing and investment in life assurance policies.

The Chairman of the Akuapem District Society Institute of Chartered Accountants Ghana, Dr Felix Sackey, gave the advice at the first general meeting of the society held in Aburi to deliberate on how individuals could plan towards retirement.

He, however, stressed the need for prospective investors to be diligent by analysing the statement of financial position of the various insurance firms before deciding to venture into investment in life assurance policies.

The society has been formed to provide a platform for chartered accountants to network, share ideas and also serve as a welfare group.

Present at the meeting was the President of the Institute of Chartered Accountants Ghana, Augustine Addo.

Retirees

Dr Sackey said like many professional careers, retirement should not be the end of one’s career but should be seen as another phase of the professional life.

“Retirement is not the end of our careers, apart from sickness that may impede one’s plans, retirement actually presents one with the opportunity to even do more and there is so much retirees can use their experience to do,” he stated.

For already retired accountants, Dr Sackey proposed that they should take advantage of their long years of experience in the accountancy practice to establish businesses such as consulting and advisory services, training and the digitalisation of financial accounting systems, targeting small and medium-scale enterprises as their clientele.

Planning

Sharing his experiences, Dr Addo reiterated the need for accountants to plan towards their retirement.

He said while they played crucial roles in efficiently managing resources, it was also important for accountants, particularly those within the public service, whose years of service were restricted by the compulsory retirement age, to also plan for their exit.

He stressed that instead of considering retirement as the end of the road, they should consider it as an opportunity to have their own business, if only they planned effectively, stressing that technology had made that possible now.

“Thankfully, our profession is one that allows you to still be employed even when you retire from the public service; however, it’s all about planning and I encourage you not only to consider that but have a thought-through plan. It is doable, and technology makes it convenient to do so,” Dr Addo stated.