Consider the following tips, which can help you boost your savings.

1. Delay taking your retirement income. Delaying when you will start taking your retirement income could boost your pension in a number of ways. Defer withdrawal on your pension funds if you’re of pension age, but don’t need the money immediately, you could boost your income by waiting longer before claiming it.

2. Open a Personal Pensions Account now. The Enterprise Personal Pension Scheme for individuals offers all Ghanaians the opportunity to top-up their retirement income by saving through tax free vehicles. As medical expenses are one of the areas that consistently rise in retirement, any source of income to pay for these expenses are welcome.

3. Freelance work and consultancy. While you may not want to take yet another desk job, if you start your own business, you’ll get to make money doing something you actually enjoy. There are many ways you can carry on making money from the skills you acquired during your working life.

4. Stash extra funds. Extra money? Don’t just spend it. Every time you receive a raise, increase your contribution percentage. Dedicate at least half of the new money to your retirement plan. And while it may be tempting to take that annual bonus and splurge on a new phone or car, “don’t treat those extra funds as found money,” Treat yourself to something small and use the rest to help make big leaps toward your retirement goal.

5. Keep track of your workplace pensions. Many people either forget or choose not to transfer their pension when changing jobs. As a result, it’s quite possible to have a trail of pension pots with different companies. Consolidating your pension fund helps you keep track.

6. Take Advantage of Employer Matching Programs. Many employers will contribute additional money to your Provident Fund. This is essentially their contribution to your welfare when you retire. You must take full advantage of this benefit if your employer provides it, or convince your employer to provide it if they currently do not.

Source: Enterprise Trustees Limited