Senior Officers of the Uganda Peoples’ Defence Forces (UPDF) who are due for retirement have been challenged to strengthen their financial management skills and plan wisely for life after military service to ensure long-term financial stability.
The call was made during a financial literacy training for retiring senior officers held at the Defence Intelligence and Security Headquarters in Mbuya. The training brought together facilitators from the Bank of Uganda and Britam, who were invited to equip the officers with financial literacy skills to ease their transition into retirement.
The Joint Staff Human Resource Management, Major General James Kinalwa, urged the officers to maintain a steady financial flow after retirement and avoid disposing of their assets due to poor financial planning.
“You have been used to a monthly salary, subsistence allowances, office benefits and out-of-pocket facilitation, which may no longer be available once you leave the army,” Maj Gen Kinalwa said.
He encouraged the officers to make prudent financial decisions and invest wisely to secure their future after leaving active service.
Mr Hashim Kirungi, from the Bank of Uganda, described financial literacy as an essential life skill that everyone should acquire.
He urged the officers to reassess their financial habits by distinguishing between needs and wants, setting clear financial goals, and keeping track of both income and expenditure.
“It’s never too late. This is the right time,” Mr Kirungi said.
On savings, he advised the officers to prioritise saving before spending.
“Save first as soon as you earn because problems and demands are endless,” he said, adding that savings provide the capital needed to establish sustainable businesses after retirement.
He cautioned the officers against borrowing money to start businesses, noting that such ventures carry significant risks and could result in financial losses.
Speaking on retirement planning, Mr Kirungi advised the officers to remain calm and make measured decisions once they receive their retirement packages.
“As soon as you get your package, take it easy,” he said.
He also encouraged them to prioritise their health, family and personal relationships, noting that proper planning would enable them to enjoy a peaceful and fulfilling retirement.
Another Bank of Uganda facilitator, Mr Arnold Bagubwagye, delivered a presentation on investing in Treasury Bills, highlighting their benefits as a secure investment option for retirees.
Representing Britam, the Business Development Manager, Mr Ronald Mugabi, thanked the UPDF leadership for creating an opportunity to prepare retiring officers for life after service.
He encouraged the officers to set retirement goals using the SMART approach, ensuring that they are Specific, Measurable, Achievable, Relevant and Time-bound.
“You have served your country and secured the nation. You should now focus on protecting what you have worked so hard to achieve,” Mr Mugabi said.
Speaking on behalf of the retiring senior officers, Colonel Okei Rukogota commended the Chief of Defence Forces, General Muhoozi Kainerugaba, and the UPDF leadership for organising the training and encouraged his colleagues to apply the knowledge gained to create wealth while maintaining healthy lifestyles through regular exercise.
The training was attended by retiring senior officers, officials from the Joint Staff Human Resource Management, and financial literacy facilitators from the Bank of Uganda and Britam.
