The National Social Security Fund (NSSF) has warned pensioners and retirees to be on the watch for retired fraudsters operating under the guise of get-rich-quick schemes, which have been on the rise recently.

Geoffrey Sajjabi, the Chief Commercial Officer at NSSF, said this on October 17, 2023, while at Hotel Triangle in Mbarara, as he was speaking on regional employer meetings with the key goal of providing full accountability.

Sajjabi stated that in order to avoid fraudsters, pensioners should seek professional advice regarding the investment of retirement funds with NSSF.

He guided them on how to enjoy their retirement funds without finding themselves in debt.

“To enjoy the retirement life, one has to pay off long-term debt early, except if they have the income or business to continue debt servicing,” Sajjabi said.

He explained that in order to determine where and when they want to retire, one should belong to a social group with purpose and fun that provides them with much-needed social support and sometimes business opportunities.

Sajjabi emphasized planning for medical costs that will come during old age, advising them to join leveraged social groups like associations, SACCO’s, and family groups to bring down the cost of medical insurance through group coverage.

He advised them to take care of their retirement needs because it is rare to find children taking care of their parents retirement needs.

The NSSF Act, as amended in 2022, seeks to expand social security coverage, enhance the spectrum of benefits available to savers, and improve the governance of the Fund.