Saving For Retirement Through Haba Haba Na NSSF


Saving For Retirement Through Haba Haba Na NSSF

By Jane Muia / Published November 15, 2022 | 1:12 pm

KEY POINTS

Haba Haba gives members in the informal sector a chance to save a minimum of 25 shillings a day with the option of withdrawal 50 percent of their contribution after consistent contribution for five years.

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

The current retirement age in Kenya stands at 60 years, but unfortunately, most people get to that age without a retirement package. Saving now for retirement will ensure that you have enough money to enjoy a comfortable standard of living when you stop working.

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

Kenya has no saving culture to be proud of as a country, and this needs to change immediately. Kenyans need to have a culture of saving that will ensure that for every shilling they earn, every other shilling is saved.

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

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

In 2019, NSSF introduced the Haba Haba product to ensure that everyone across the country is covered. The product is an informal sector product that aims to empower small and medium enterprises. The package offers a convenient way of addressing the needs of prospective, present, and future NSSF members in the informal sector while increasing coverage of Social Security for all Kenyans.

Haba Haba gives members in the informal sector a chance to save a minimum of 25 shillings a day with the option of withdrawal 50 percent of their contribution after consistent contribution for five years.

Making contributions to members’ savings is very easy as all payments can be done through Mpesa. Members can access their statements without having to visit the branch, all they need is just access to a mobile phone.

Registration for Haba Haba na NSSF is very easy. You can get started with the USSD code *303#.

This USSD code will allow you to:

  • Register as an NSSF member
  • Register for the informal sector product (Haba Haba)
  • Check your NSSF statement
  • Make contributions and top-up your savings
  • Follow up on Benefit claims
  • Pay Tenant Purchase Scheme

It is the real deal for anyone committed to securing their future since it helps navigate tricky situations and helps you meet financial obligations.

Related Content: Haba Haba na NSSF, Helping the Informal Sector Save for Retirement

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