NASFUND URGES CITIZENS TO RETIRE BY SAVING, NOT AGE

CAPTION: Nasfund CEO Rajeev Sharma, speaking at the PNG Resource Week

BY RAYLEEN WANJIMAN

THE National Superannuation Fund – Nasfund, is encouraging Papua New Guineans to focus on how much they need to save for their retirement rather than the age they plan to retire.

Speaking during the third day of PNG Resources Week yesterday, Nasfund Chief Executive Officer Rajeev Sharma said many people set retirement goals based on age, but few consider the amount of money needed to maintain a comfortable lifestyle after leaving the workforce.

Sharma stressed that inflation is a key factor to be considered when planning for retirement because the cost of living will continue to rise over time.

He explained that K1,000 may be enough to cover monthly expenses today but that same amount could need to increase to around K2,500 in 30 years.

He urged workers to plan ahead and build sufficient retirement savings to maintain their standard of living in the future.

He said superannuation funds have a responsibility to protect members’ retirement savings and invest in ways that provide secure long-term returns for its members.