Knowledge, attitude and practice on saving for retirement among School of Statistics Students at Makerere University

Abstract

Retirement, the practice of ceasing to work after reaching a certain age has been around since around the 19th century with Germany as the first country to introduced retirement benefits in 1889, under Otto von Bismarck Over the years however, most developed and developing countries have put in place systems to provide pensions on retirement in old age, funded by employers and employees or the government for the civil servants. Uganda introduced mandatory savings in 1985 by an Act of Parliament to provide for its membership, payment of contributions to, and payment of benefits out of the Fund. In Uganda, many people do not stop work completely because they do not plan early enough for their retirement. This forces them to continue working even after the normal retirement age. For formal employment, the minimum age of retirement in Uganda is 55 years. People retire either voluntarily (resign or retire before the minimum retirement age) or involuntarily (forced to retire because of age, fired from work, or forced to stop working due to sickness or disability) Many people plan to retire at the age when they are eligible for private or public pension benefits.