For many Kenyans, retirement has long been viewed as a distant chapter, something to think about “one day,” after meeting the demands of today. But that “one day” often comes sooner than expected.

With rising costs of living, longer lifespans, and shifting family dynamics, how we prepare for retirement has become very important.

Today, retirement planning is no longer just about saving a portion of your income, it’s about securing independence, maintaining dignity, and building a legacy that outlives your working years.

This is the message being championed by Equity Life Assurance Kenya (ELAK), calling on Kenyans to start rethinking retirement as a journey that begins now, not a conversation to postpone for someday.

Changing the Way, we Think About Retirement

According to the Retirement Benefits Authority (RBA), fewer than 20 percent of Kenya’s working population actively saves for retirement. This means millions risk reaching their golden years without the financial freedom, independence and dignity they desired.

Kenya’s pension coverage remains one of the lowest in the region, with millions of informal sector workers left outside formal retirement schemes. As the government and financial sector work to close this gap, private providers are stepping in with inclusive, accessible pension products designed for today’s realities.

That gap is exactly what insurers like Equity Life Assurance are working to close. Founded as part of Equity Group’s broader transformation into an integrated financial services group, the company was established to make retirement and life insurance simple, flexible and meaningful for all Kenyans, from salaried professionals to go getter entrepreneurs and growing SMEs.

In just three years, Equity Life Assurance has made remarkable strides in deepening access to insurance and retirement products. The company is presently the fourth largest underwriter in the country by assets giving testament to its ability to provide simple, flexible and meaningful insurance solutions for all Kenyans. It’s retirement benefit arrangements – the Equity Umbrella Retirement Fund, the Equity Individual Savings and Retirement Plan, and the Equity Income Drawdown Fund – have since inception in 2022 delivered above inflation and above market returns. 

Behind the numbers lies a deeper story of trust and inclusion. Over 6.8million unique customers have already benefited, with more than 17.8 million policies issued across various products. signalling general growing confidence in long-term savings and insurance solutions. 

Why the Time to Act is Now

For too long, retirement planning has been treated as an afterthought but as more Kenyans face shifting family, cultural and economic dynamics that mindset is shifting. Awareness alone, however, is not enough.

The journey to financial independence requires consistent action, even in small steps and that’s where the right partners play a crucial role: turning awareness into access, and intention into impact.

“Every shilling saved today is an investment in tomorrow’s peace of mind,” says Angela Okinda, Managing Director, Equity Life Assurance (Kenya) Limited. “The earlier you begin, the greater the flexibility and freedom you’ll have when it matters most.”

Beyond providing products, the company is focused on financial education and empowerment, encouraging customers to think differently about money, not as a burden, but as a tool for freedom and legacy.

Building a Future of Financial Dignity

In Kenya today, retirement planning should be a national imperative. As the workforce evolves, financial institutions have an important role to play in shaping a culture of saving, investment, and preparedness.

With Kenya’s pension reform and implementation of the NSSF Act No. 45 of 2013 (Tier I and Tier II contributions) now fully implemented, the opportunity to expand pension coverage and deepen financial inclusion has never been greater.

By aligning private innovation with these public reforms, Kenya can accelerate the goal of building a comprehensive and inclusive retirement system that supports all workers, formal and informal alike.

Equity Life Assurance is leading that change, helping individuals, families, and businesses build a future rooted in financial freedom where financial dignity is the norm, not the exception.

Retirement Solutions for Every Stage of Life

Retirement planning and pension saving are not one-size-fits-all. Every Kenyan’s journey requires solutions that meet their distinct needs and goals in their current life stage.

For employers and employees: The Equity Umbrella Retirement Fund provides a professionally managed plan that allows employers to provide retirement benefits and a post retirement medical cover solution to their employees.  In addition, the Fund is approved to handle NSSF Tier II

For the go getter entrepreneur or independent saver: The Equity Individual Savings and Retirement Plan gives you the freedom to build your future on your own terms.

Participation in the Equity Umbrella Fund or Equity Individual Savings and Retirement Plan provide tax incentives. Contributions upto Kshs.30,000 per month are tax exempt; and upon retirement benefits may be accessible, tax free.

For retirees: The Equity Income Drawdown Plan transforms your savings into a steady income stream while keeping your money invested for continued growth.

Across all these solutions lies one principle – financial planning should be simple, inclusive, and empowering.