As retirement approaches, one of the most pressing concerns for many Kenyans is generating a consistent stream of income that will last throughout their golden years. Here are some suggestions for generating retirement income in Kenya in 2023:
Invest in Stocks and Bonds.
Investing in stocks and bonds can be a great way to supplement your retirement income in Kenya. With the Nairobi Securities Exchange (NSE) offering a diverse range of stocks and securities, investors have a wide variety of investment options. Companies like Safaricom and KCB Group, for example, are popular among investors due to their consistent dividends and growth potential.
Consider investing in real estate.
Real estate investment can be a great means of boosting your retirement income in Kenya. You could, for example, invest in a rental property in a high-demand area such as Nairobi, Mombasa, or Kisumu. You could also consider investing in a real estate investment trust (REIT), which generates passive income from rental properties.
Explore annuities.
Annuities are a type of insurance product that can provide you with a lifelong income stream. The Old Mutual Guaranteed Income Plan and the Britam Guaranteed Income Plan are two of the most popular annuities in Kenya.
Social security benefits.
If you have contributed to Kenya’s National Social Security Fund (NSSF), you may be eligible for retirement benefits that will supplement your retirement income. For those who have contributed for more than 25 years, the maximum monthly pension payable by NSSF in 2023 is Kshs. 26,032.
Look for part-time work.
Part-time work can complement your retirement income while also giving you a sense of purpose and fulfillment. Freelance writing, tutoring, virtual assistance, and online sales will be among the best part-time job opportunities in Kenya in 2023.
Start a Business.
Starting a small business can be a great way to supplement your retirement income in Kenya. You could, for example, open a small retail store or provide professional services such as accounting, marketing, or IT consulting. You could also consider investing in a franchise that offers ongoing support and guidance.
Invest in government bonds.
Investing in government bonds is another option for generating retirement income in Kenya. Fixed interest rates are offered by the government on treasury bonds and bills, providing a secure and consistent source of income. The government intends to issue infrastructure bonds in 2023, which could be an excellent investment opportunity for retirees seeking consistent returns.
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Conclusion
Overall, there are numerous options for generating retirement income in Kenya in 2023. You can develop a retirement income strategy that meets your financial goals and provides you with the financial security and peace of mind you need during your retirement years by researching different investment options, considering real estate investment, researching annuities, researching social security benefits, researching part-time work, or starting a business.
