Sources of retirement income among formal sector workers in Ghana

Purpose - The purpose of this paper is to examine alternative sources of retirement income apart from the Social Security and National Insurance Trust (SSNIT) pension benefits and the significance of these retirement income sources in the consumption decisions of pensioners in Ghana. Design/methodology/approach - Using household survey data on SSNIT pensioners in Accra, Ghana, this study employ the Garrett and Kendall coefficient of concordance (W-test) to robustly identify the sources of retirement income and determine the significance of these income sources in financing consumption expenditure during retirement. Findings - The findings show that apart from SSNIT pension benefits, other sources of retirement income including rental income, income from post-retirement jobs and remittances from family and friends are significant sources of income for pensioners in Ghana. Personnel savings and investment was the least important source of retirement income. Research limitations/implications - Further research will be needed to validate these results, particularly using household survey data that covers the entire country. Originality/value - The study contributes to the scanty literature on retirement income by robustly identifying the alternative sources of retirement income and their importance or significance to pensioners in Ghana.