Public Sector Employees’ Arrangement and Plans Towards Retirement in Ghana

As a saying goes, if one fails to plan, that individual plans to fail. This well-known saying holds true relative to retirement that formal sector employees experience at a point in their life time. It is also a truism that effective and efficient retirement planning by employees is contingent on the information about retirement they receive. Although myriad of studies have been conducted on retirement experiences of formal sector employees, the specific activities that employees do for their retirement had attracted less research attention. The study aimed to close the gap identified, which is quintessential for the information, education and action of employees, employers, psychologists and counsellors. The study focused on employees of the Ghana Health Service (GHS) and Ghana Education Service (GES) in two municipalities. Stratified and simple random sampling procedures were adopted to select the employees to participate in the study. To garner the requisite data to achieve the study objectives, a questionnaire was designed, pre-tested and used. The data gathered were analysed using descriptive statistical tools. It emerged from the study that the employees’ principal sources of information on retirement are the media, private insurance companies, Social Security and National Insurance Trust (SSNIT), friends and relatives. It also emanated from the study that most of the employees were doing the following for their retirement: investment in shares, bonds, treasury bills and insurance policies; savings and standing orders. Stakeholders of the two services need to do more to help their employees to prepare well for an enhanced livelihood during retirement.