National Assembly Majority Leader Kimani Ichung’wah has called on Members of Parliament to take proactive steps in securing their financial future by contributing to pension schemes and the National Social Security Fund (NSSF). Speaking during a parliamentary session, Ichung’wah emphasized the importance of financial planning for life after public service, urging lawmakers to view retirement preparation as a personal responsibility rather than solely relying on government provisions.
A Call for Personal Accountability
Ichung’wah reminded MPs of the uncertainties that come with political office, pointing out that electoral terms can be unpredictable. “We must prepare for life beyond this House. Public service is transient, and the earlier we secure our financial futures, the better,” he said. He encouraged MPs to set an example by actively contributing to the NSSF and other pension plans, highlighting that such measures would ensure they retire with dignity.
Challenges of Post Political Life
The Majority Leader’s advice comes against the backdrop of increasing concerns about the financial struggles faced by former politicians after leaving office. Many ex-MPs have reported difficulties adjusting to life outside the limelight, with some facing financial instability due to a lack of savings or investment plans during their tenure.
Ichung’wah’s remarks also touched on the need for a cultural shift among leaders, advocating for prudent management of earnings during their time in office. “Let us change the narrative where former MPs are seen as struggling or dependent. We have the means to secure our futures; it’s about making the right decisions now,” he added.
Reactions from Parliamentarians
The call was met with mixed reactions from MPs. Some welcomed the advice, acknowledging the importance of financial preparedness. “This is timely advice, especially for younger MPs who may overlook the future while focusing on immediate needs,” said one MP.
However, others raised concerns about the adequacy of existing systems like the NSSF in meeting their retirement needs. “We need reforms in our pension schemes to ensure they are robust enough to support us in retirement,” another legislator commented, suggesting that the government should explore options for enhanced retirement benefits for lawmakers.
A Broader Lesson for Public Servants
Ichung’wah’s statement resonates beyond Parliament, serving as a reminder for all public servants about the importance of retirement planning. Financial experts have long advocated for consistent contributions to retirement funds, diversification of investments, and avoiding lifestyle inflation to ensure stability after leaving active service.
As MPs deliberate on the matter, Ichung’wah’s message stands as a timely reminder of the need to plan for the inevitable transitions in life. By taking proactive steps today, lawmakers can ensure they remain financially secure and serve as role models for the constituents they represent.
By Newshub