CedisPay Guide to Tier 3 Pension for Ghanaians

Step 1: Understand Tier 3 Pension
- A voluntary, tax-advantaged pension scheme that helps you save beyond SSNIT (Tier 1) and Tier 2.
- Ideal for employees, self-employed individuals, and business owners
Step 2: Determine Your Retirement Goal
- Use the 70% Rule—aim to replace 70% of your pre-retirement income
- Plan for at least 20+ years of retirement expenses
Step 3: Contribute Consistently
- Employees can contribute up to 16.5% of salary tax-free
- Self-employed individuals can set up a personal pension plan for retirement security
Step 4: Choose a Trusted Tier 3 Provider
- Look for NPRA-approved providers with strong investment performance
- Consider fees, withdrawal flexibility, and fund management strategies
Step 5: Maximize Growth with Smart Investments
- Tier 3 funds are invested in government bonds, mutual funds, and equities for long-term growth
- Diversify investments to balance risk and returns
Step 6: Avoid Early Withdrawals
- Funds should stay invested until at least 55 years for maximum benefits
- Only withdraw early for critical needs (e.g., home purchase, medical emergencies).
Step 7: Review & Adjust Regularly
- Increase contributions when your income grows
- Update your plan when you change jobs, relocate, or experience major life events

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