Kgosi, a 42-year-old carpenter in Francistown, has spent most of his life providing for his family. Now, with retirement on the horizon, he's starting to think seriously about what comes next. But like many hardworking Batswana, he’s unsure where to begin.
The good news? It’s never too late to start—and creating a retirement plan doesn’t have to be complicated. With a step-by-step approach and support from a trusted partner like Bona Life, you can take control of your future.
Whether you're just starting or looking to improve your savings strategy, this guide will help you create a retirement plan that works for your income, goals, and lifestyle.
Why Everyone Needs a Retirement Plan
Retirement planning is not just for the wealthy—it’s for anyone who wants to live with dignity and independence later in life. Here’s why it matters: (1) Financial independence – You won’t need to rely on your children, relatives, or government pensions. (2) Peace of mind – Knowing your future is secure helps reduce stress. (3) Freedom to enjoy life – Whether it's travel, rest, or spending time with grandchildren, planning gives you more choices.
That’s why retirement planning in Botswana is gaining importance, especially for workers like Kgosi who value security after years of hard work.
Step-by-Step Guide to Creating Your Own Retirement Plan
Step 1: Know Your Income and Expenses
Start by listing your monthly income and tracking all your expenses. This helps you see how much you can realistically save.
Tip: Use a simple notebook or a budgeting app to monitor your spending.
Step 2: Set Your Retirement Age and Lifestyle Goals
When do you want to retire—at 55, 60, or later? What kind of lifestyle do you want in retirement? Will you continue working part-time or fully retire? These choices affect how much you need to save.
Step 3: Estimate Future Expenses
Think beyond just daily living costs. Consider:
- Housing (rent, mortgage, or repairs)
- Utilities and groceries
- Healthcare and medical aid
- Transport
- Emergencies
It’s better to overestimate than be caught unprepared.
Step 4: Calculate How Much to Save Monthly
Once you’ve estimated your retirement costs, divide that amount by the years you have left to save. For example:
If you want P300,000 by age 60 and you’re 45 now, saving for 15 years means putting aside about P1,700 per month—adjust as needed.
Step 5: Choose the Right Retirement Product
There’s no one-size-fits-all solution. Bona Life offers two key products that meet different needs:
- Retirement Annuity – A secure plan that pays you a fixed monthly income after retirement.
- Motswako Hybrid Pension – Combines fixed income with flexible lump sum access when emergencies arise.
These products are built for real life—especially for people like Kgosi who want both stability and flexibility.
Step 6: Review and Adjust Your Plan Annually
Life changes—so should your retirement plan. Review it each year to:
- Adjust for income changes
- Factor in inflation
- Update your retirement goals
Common Pitfalls to Avoid
As you begin retirement planning in Botswana, be sure to avoid these common mistakes:
- Starting too late – The earlier you begin, the more you can save.
- Not accounting for inflation – Prices rise, and your plan should account for that.
- Relying only on employer benefits or family – A personal plan gives you control.
How Bona Life Can Help You Retire with Confidence
Bona Life is more than an insurance company—we’re a trusted financial partner for thousands of Batswana. We make retirement planning easy, flexible, and personal.
Here’s how we support you:
- A variety of products like the Retirement Annuity and Motswako Hybrid Pension
- Affordable contributions that fit your income
- Regular policy reviews and personalised advice
- A local team that understands your challenges and goals
With Bona Life, you don’t have to figure it all out alone. We're here to walk the journey with you.
Quick Checklist for Retirement Planning
Use this as a starting point to get organised:
- I’ve listed my income and expenses
- I’ve chosen my retirement age
- I’ve estimated my monthly needs in retirement
- I’ve set a monthly savings goal
- I’ve selected a retirement product (Annuity or Hybrid Pension)
- I’ll review my plan every year
You don’t need to be a financial expert to get started—you just need the right support.
Your Future Starts Now
If you’re like Kgosi—motivated to plan but unsure where to begin—take that first step today. With the right tools and the right guidance, you can create a retirement plan that works for you, no matter your income level.
Let Bona Life help you build a future that’s not only secure, but also flexible and fulfilling.
Start planning the retirement you deserve. Talk to Bona Life about building a retirement plan that works for you — your future starts now.
📞 Call: +267 398 1800
📱 WhatsApp: +267 76 744 686
🌐 Visit: www.bonalife.co.bw