Michael Jjingo, General Manager for Commercial Banking at Centenary Bank, has advised Ugandans to plan for retirement early, cautioning that neglecting financial planning can result in dependence and hardship in later years.
“Retirement doesn’t give you a warning; it arrives unexpectedly,” Jjingo wrote in an opinion piece titled Before the Grey Hair Comes: Retirement Planning is a Must-Do.
He recommended real estate, treasury bonds, unit trusts, pensions, and agro-processing as viable income sources after retirement. “Own land, have rentals, invest in government bonds, let unit trusts work in the background, and importantly, have a will,” he advised.
While real estate is still a popular choice, Jjingo warned about the challenges of constructing and managing rentals. “You might get past the architect, only to be overwhelmed by the builder, plumber, tiler, and the guy who says he supplies quality steel but shows up with rusted pipes on a boda,” he said.
Jjingo highlighted that treasury bonds offer steady returns without the hassles of property management. “No KCCA, no cement, no tenants, no NEMA—just the smooth, slow flow of interest from the Bank of Uganda,” he wrote, emphasizing that long-term investments are crucial for beating inflation. He also called unit trusts an accessible option for small investors, saying, “Your UGX 500k will quietly work in stocks, treasury bills, and corporate bonds like a true urban elite.” For pensions, he urged both formal and informal sector workers to contribute. “If you’re in the informal sector, register voluntarily; future-you will say ‘Webale’ and ‘Apwoyo,’” he added.
Jjingo cautioned against relying solely on children for financial support in retirement. “Banking on them is like using a charcoal stove to charge your smartphone—risky,” he said.