12 Dec 2024

NMG Administrators Botswana has made significant strides in retirement planning by introducing innovative services aimed at enhancing financial literacy and preparing employees for retirement.

The organisation launched two key offerings: Pre-Retirement Counselling and Retirement Consultations, which empower members in making informed financial decisions.

During a media briefing in Gaborone recently, CEO Ms Motshabi Mokone highlighted the strong response since the services’ inception, noting over 2 278 annuity consultations and 61 group counselling sessions.

This indicates a growing demand for structured retirement planning assistance, which addresses both financial and psychological preparedness for retirement.

Ms Mokone emphasised the importance of a holistic approach to retirement that integrates financial coaching and personal transitions planning.

By aligning financial decisions with personal values and retirement goals, NMG Administrators aim to guide members effectively through this critical life change.

She also pointed out a trend of members opting to cash out their pension benefits, a shift influenced by recent legislative changes.

Ms Mokone underlined the importance of early education in retirement planning, which is essential for instilling sound financial habits and aligning short-term actions with long-term objectives.

Looking ahead, NMG Administrators Botswana was focused on enhancing financial literacy nationwide, collaborating with stakeholders and regulators to promote a financially savvy population.

She reiterated that financial literacy is foundational for a secure future, aiming to equip Batswana with the necessary skills to budget, manage debt, and save effectively for retirement.

The organisation plans to introduce a new suite of in-house financial services in 2025, further expanding its offerings to address the diverse needs of its members. Ends