Retirees and pensioners have been advised to manage their pension benefits prudently to ensure they can adequately provide for themselves during old age and periods of vulnerability.
A Financial Analyst, Joe Jackson, who gave the advice, noted that retirement could last for as long as 30 years; hence, the little money available to older persons must be managed judiciously.
He gave the advice while addressing an event to mark the International Day of Older Persons organised by the Vibrant Ageing Community Centre (VACC) in Winneba.
Globally, the day was marked on the theme, “The Age of Longevity: Rethinking Systems for Longer Lives,” while VACC celebrated it locally on the theme, “Intentional Care: Preparing Intentionally for Longer, Safer and More Secure Lives.”
The event attracted families of older persons, community leaders and guests from Accra, Swedru, Apam and beyond, and featured health screenings, presentations, food and fellowship.
The Paramount Chief of Effutu Traditional Area, Neenyi Ghartey VII, graced the event with his presence and fully participated.
Speaking on the topic, “Managing Money Wisely for Peace of Mind,” Mr Jackson outlined four financial management practices that older persons should avoid.
“Don't engage in risky businesses. Don't engage in unnecessary expenditure. Don't stop working- earn some income and don't allow relatives to lure you into spending too much on family activities,” he stated.
He added that because emergencies happen, it was critical for older persons to assign one person who could access their accounts when they were unable to do so.
“Give someone the Power of Attorney to spend your money on your behalf when you are incapacitated,” he stressed.
He also advised them to diversify their investment portfolio, emphasising: “Invest in both Bonds and Treasury Bills. However, Treasury Bills are safer to invest in.”
Beyond decline, dependency
The Chief Executive Officer of VACC, Professor Francesca Colecraft Dwamena, said ageing in Ghana must be seen beyond decline and dependency.
Participants in the event
"Our purpose is simple: to help older adults live with dignity, safety, connection and purpose.
We want ageing to be seen not simply as a period of decline or dependency, but as another stage of life in which people can remain engaged, valued and connected to their community," she said.
Prof. Dwamena said the international theme was particularly relevant to Ghana, where life expectancy was increasing while family support systems were changing.
"Traditionally in Ghana, and still for many families today, we expect children and extended family to care for older relatives.
But children increasingly live and work far from their parents, sometimes outside Ghana.
Families are smaller, and many older people are living for many years after retirement."
She, therefore, challenged participants to reflect on the future of elder care.
For her part, the Executive Director of the Centre for Executive Education at Ashesi University, Dr Esi Ansah, in a presentation on “Your rights, your voice and our responsibilities of elder care,” stated that regardless of their age and health condition, older persons, like everyone else, had rights.
She urged older people to identify trusted individuals, organisations that had their best interests at heart and supportive communities, and to build a positive relationship with the Police.
A medical officer at the Winneba Municipal Hospital, Dr Peter Adu Asante, speaking on “Safety in old age,” enumerated some safety concerns- medications and environment- and added that older people must ensure they did not fall, as that posed a risk to their well-being.
He also encouraged them to take good care of themselves by “eating balanced diets, taking three litres of fluid a day and having regular eye checks.”
