I am happy to have left my job

While he awaited graduation from Makerere University, David Alex  Otim worked as a supervisor trainee in the foods and beverages department at the Sheraton Kampala Hotel in 1989.

When he graduated in 1990 he joined the Ministry of Finance, Planning, and Economic Development as supervisor in the population and housing census project where he supervised the data capture and analysis.

Two years later,  Otim joined Tropical Bank where he served for four years before he got placement at Crane Bank  until 2017, when  the facility was taken over by dfcu Bank.

“When dfcu took over Crane Bank, I was one of those asked to leave in February 2017. When dfcu came into the picture they had to rationalise because Crane Bank had so many staff who were an entity on their own. Thus, they did not want duplication of roles as some were merged and others phased out,” says Otim.

“Despite my dismissal, dfcu offered me a job in May 2017. I assume this was because of my entrepreneurial skills that we had with clients in Crane Bank,” he recalls.

Planning for exit 
In his view, Otim was ready for retirement emotionally.  He had set up mobile money business in 2014. He started with one shop in Serere District which has now expanded to four shops. 
“I do not know if you can ever be ready for retirement financially but emotionally I was saying, ‘this is my time to go and try other  ventures having worked for more than 20 years in the bank.’ It was time to try other ventures.”

Otim was offered another contract which he declined and started his retirement effectively in December 2021.
Asked how he prepared for retirement, Otim says retirement is a new journey for every person who has been in the active employment environment. 

 “Instead of working for your employer, find means of supporting  yourself and your family away from the monthly paycheque,” he says.
In 2018, he acquired a 30-seater bus which is hired out. To supplement this,  he bought a lorry in 2020.

 “Transport is a difficult business generally because of issues of integrity especially among the handlers who are somehow wired to think they should benefit more than the owner,”he says. He earns what can pay bills and fees.  Otim also has a portfolio in equities which he hopes will support his retirement. 

“Business environment is tough but one should not give up.”
He agrees that being in retirement requires money.  When one retires, obligations do not cease. 

“You need to have a steady cash flow to support your family and retirement. Otherwise you end up in a financial crisis, then depression then denial and you end up running away from your family,” he says.

The retired banker also believes this is a phase during which one has to reduce their expenditure. He explains that one has “to reconcile to the fact that you are no longer getting money from an organisation”.

A bit cautious
During retirement one has to put certain habits in check, especially those that involve money.
“You can say, I used to go to an eatery twice or thrice a week, let me reduce to once a week or stop,” he advises.

Otim advises that someone’s life should fit into their  cash flow so that they live comfortably and maintain their mental health. Mental health is more important when one has left formal employment.
He believes one should have investments and own a home to avoid the pressures of rent.

 “Cash flow is very important after you have retired.” 
Missing work
Otim ,56, does not miss his typical workday because he had been working for many years and it was time to move on for  more challenging things. He explains that working in an organisation for many years becomes routine and kills creativitiy.

“In retirement you have a whole world out there where you have to either push for some business courses or you have to find opportunities that can  generate income.”
He confesses that he loved his job but he is happier he left because he is autonomous. Even then, he has time for his family.

“I can drop off the children to school, pick them up, and do homework with them which  is rare in formal employment,”
Mistake 
Otim says he should have started planning  for retirement earlier.

“The moment you get a job you should start planning for your retirement. If you are not in NSSF join, if you can join an investment club, do so. Join groups that can grow your investments.”

Otim observes that it is difficult to start business if one is not present in running of the business but he advises that if one has  trustworthy team, go ahead and start.
 “A good working relationship with employees matters,” he adds.
Otim says  office is not inheritance.

“If you are not in the office you should be  doing business elsewhere so invest in places you can be at outside office.”
Advice
Otim observes that before one retires, he or she should know the type of environment he or she is retiring into.
“Are you retiring into an environment that will keep your mental state sane, are you retiring into an environment where you will still be able to maintain the kind of life like at work?”

Otim advises that business owners have to be efficient so clients can be happy with their services allowing for repeat sales opportunities.
 Also, he says by retirement, one ought  to have built a home.
“By  retirement , one should not be renting,” he cautions.

Otim suggests one should have a fixed deposit account or invest in treasury bills. He explains that is called near money and in the event of a financial crisis, one can easily get that money.

Otim advises one to have a healthy exercise routine so that by retirement their health is still great.
“Please exercise so that by the time you retire your health is still okay because most times by the time people retire, the work environment has been so draining which could make you weak and susceptible to sickness,” Otim says.