Pension reforms set to spur growth of retirement savings

"Statistics show that over 80 per cent of retirees, retire back home into poverty... Kenyans also have a poor savings culture or investing for retirement, and many are the times when parents bank on their children whom they've educated to take care of them in their old age," notes Head Retirement Benefits at CIC Life Vincent Ochoi.

Retirement is an expensive affair. Kenya's income replacement ratio-the percentage of a person's working income that they need to receive during their retirement years-is below 40 per cent compared to the recommended ratio of 75 per cent, according to the Retirement Benefits Authority (RBA).