Journalists Urged to Plan for Retirement Early

The Media Council of Kenya (MCK) called on journalists to adopt a savings culture and actively plan for their financial security. According to the Council, the unpredictable nature of media careers necessitates early retirement preparation. At a media sensitization training on retirement planning and pension reporting at The Vic Hotel in Kisumu, MCK Director for Media Training and Development Victor Bwire emphasized the importance of preparing for post-career life. “Journalism is inherently unpredictable, and one cannot always predict when a career might end. Prepare for it. No one knows what tomorrow holds. Begin saving for your retirement today,” stated Bwire. He observed that many media professionals postpone retirement planning due to job demands, leading to potential financial difficulties in later years. Retirement Benefits Authority (RBA) Assistant Director for Research, Strategy and Planning Ben Kipanga advised journalists to manage their financial futures through informed investments, warning against excessive reliance on family support. “Support from your children is provided voluntarily. Do not depend excessively on them. Invest prudently and secure your own future while you are still earning,” he said, noting that Kenya’s pension schemes currently hold assets valued at Sh2.81 trillionapproximately 16 percent of the nation’s GDPwith 4.1 million participants. MCK Manager for Board Services and Partnership Relations Stella Kaaria encouraged attendees to share the knowledge gained with colleagues and improve reporting on retirement and pension matters. “The insights from this training should not be confined here. Journalists have a duty to pass this information to their peers and enhance the standard of reporting on retirement and pension issues,” she said. The training, jointly organized by RBA and MCK, gathered regional journalists and covered topics including retirement planning, financial discipline, pension reporting, ethics, risk-based supervision, and complaint handling.