early pensions, voluntary retirement, semi-urban, Ghana


In this study, we examined the lived experiences of voluntary retirees on formal pension schemes within a semi-urban space in Ghana. This was necessitated by the paucity of knowledge in voluntary retirement within a semi-urban space in Ghana and Africa. Besides, the concept of voluntary retirement within Ghana has not really come to the limelight of research. Based on this we situated our study within a qualitative method approach of phenomenology and used a thematic analysis to assess the lived experiences of seven voluntary retirees with respect to their knowledge of the pension scheme, the challenges they faced as early retirees and how they coped with the challenges of the pension. Our results indicate that the participants had prior knowledge of voluntary pensions, and this informed their expectations of financial benefits before retiring. Even though inadequate income is a major challenge they faced as retirees, they have found a way of coping with their current low incomes. Notwithstanding the impressive efforts of the Social Security and National Insurance Trust in sensitizing the public on voluntary retirement and pensions in general, we recommend the sensitization on the benefit package of early pension is intensified and improved to widen their clientele base.

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