Do you know exactly where the many deductions on your salary slip go to? Are you confident in the social security and national pension schemes in Ghana?
Imagine your future self (yes, that guy). Imagine you do not have children or they are not able to support you at the time, do you know approximately what your monthly pension will be? Will this be sufficient or do you need a plan B?
Tier 1 is similar to insurance, you do not get a payout of all your contributions but a fixed amount based on the average salary for your best 3 years.
Tier 2 and 3 are investments with high yields. You receive all your contributions plus compounded interest.
The best-kept secret in Ghana is – you can utilize your Tier 2 and 3 as a downpayment for your primary home.
Take time to fully understand all the funds you make contributions to and take full advantage of all the perks.
