Saving for retirement through Haba Haba Na NSSF

By Jane Muia / Posted on November 15, 2022 | 1:12 p.m.

KEY POINTS

Haba Haba gives members of the informal sector a chance to save a minimum of 25 shillings per day with the option of withdrawing 50% of their contribution after contributing consistently for five years.

How often do you think about your life after retirement? Will your plan today lead you to a comfortable life after retirement? Well, these are some of the questions that should be on the mind of any saver aspiring to live peacefully into their golden years.

The current retirement age in Kenya is 60, but unfortunately most people reach this age without a pension package. Saving now for retirement will ensure you have enough money to enjoy a comfortable standard of living when you stop working.

If you’re in your twenties, you have the best time to take care of your future since your retirement savings will have plenty of time to grow. You may think you still have a long way to go, but the fact is that the sooner you start saving for retirement, the better.

Kenya does not have a culture of savings to be proud of as a country, and this needs to change immediately. Kenyans must have a culture of savings that will ensure that for every shilling they earn, every other shilling is saved.

Kenya’s 2030 vision aims to provide a high quality of life for all citizens – and this can be achieved through exceptional social security measures. Fortunately, there is no shortage of these services, and a good example is the National Social Security Fund (CNSS), which allows everyone to save and plan their future for a happy retirement.

The NSSF invests members’ savings in safe, high-yielding investments such as government securities, real estate, and equity stocks. This means your money is always working and available when you need it. The fund has something for every Kenyan in the formal and informal sectors.

In 2019, NSSF introduced the Haba Haba product to ensure everyone across the country is covered. The product is an informal sector product that aims to empower small and medium enterprises. The package provides a convenient way to meet the needs of potential, current and future NSSF members in the informal sector while increasing social security coverage for all Kenyans.

Haba Haba gives members of the informal sector a chance to save a minimum of 25 shillings per day with the option of withdrawing 50% of their contribution after contributing consistently for five years.

It is very easy to contribute to members’ savings as all payments can be made via Mpesa. Members can access their statements without having to go to a branch, all they need is access to a mobile phone.

Registering for Haba Haba na NSSF is very simple. You can start with the USSD code *303#.

This USSD code will allow you to:

  • Register as an NSSF Member
  • Sign up for the informal sector product (Haba Haba)
  • Check your NSSF statement
  • Contribute and complete your savings
  • Follow-up of service requests
  • Pay Tenant Purchase Plan

It’s the real deal for anyone committed to securing their future, as it helps navigate tricky situations and helps you meet your financial obligations.

Related content: Haba Haba na NSSF, Helping the informal sector save for retirement

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