Seven in 10 Kenyans Not on Track for Comfortable Retirement, SanlamAllianz Report Reveals

By Violet Kerubo
Seven in 10 Kenyans are not on track to achieve a comfortable retirement, raising concerns about the country’s retirement preparedness and the financial security of millions of people in their later years.
This is according to the inaugural SanlamAllianz Kenya Retirement Benchmark Report 2026, titled “Kenya Before It Ages,” launched in Nairobi on Monday, October 12, 2026.
The report examines the state of retirement preparedness in Kenya and highlights the challenges facing individuals as they attempt to balance long-term savings with the immediate financial demands of daily life.
The findings point to a significant retirement planning gap, with many Kenyans facing difficulties in building sufficient savings to sustain themselves after leaving formal employment.
Financial Pressures Undermine Retirement Preparedness
The report highlights affordability as a key challenge affecting retirement planning, as individuals and households contend with competing financial responsibilities.
Many Kenyans must prioritise raising families, paying school fees, meeting healthcare expenses, building homes, running businesses and responding to unexpected financial emergencies.
These competing demands can leave retirement savings with limited priority, even among individuals who understand the importance of preparing financially for old age.
As a result, long-term financial security remains difficult to achieve for a significant proportion of the population.
The findings underscore the importance of examining how everyday financial pressures influence people’s ability to save consistently and accumulate sufficient funds for retirement.
Retirement Savings Withdrawals Raise Concerns
The report also highlights concerns about the preservation of retirement savings, particularly when individuals leave employment.
According to the study, 53 per cent of Kenyans who left a job while holding retirement savings withdrew at least part of their money.
Such withdrawals can reduce the funds available to individuals when they eventually retire, potentially weakening their ability to meet living expenses and maintain their standard of living.
The finding raises questions about how workers manage retirement benefits during career transitions and whether they have adequate financial alternatives to avoid using long-term savings to meet immediate needs.
Preserving retirement funds can be an important step towards ensuring that savings accumulated during working years remain available to support individuals in retirement.
SanlamAllianz Launches Retirement Benchmark Report
The report was launched by senior executives from SanlamAllianz Kenya as part of efforts to examine the country’s retirement preparedness and provide insights into the financial challenges facing Kenyans.
Those present at the launch included Jonathan Stichbury, Managing Director and Chief Executive Officer of SanlamAllianz Investments Limited; Jacqueline Karasha, Chief Executive Officer and Principal Officer of Sanlam Allianz Life Insurance (Kenya) Limited; and Dr Nyamemba Patrick Tumbo, Group Chief Executive Officer of SanlamAllianz Kenya.
The executives presented the inaugural report, “Kenya Before It Ages,” which provides a benchmark for understanding the country’s retirement preparedness.
The report’s findings offer an opportunity to examine the financial habits, challenges and decisions that shape retirement outcomes among Kenyans.
The Need for Early and Consistent Retirement Planning
The findings highlight the importance of making retirement planning a consideration throughout an individual’s working life rather than postponing it until the final years before retirement.
Consistent saving, careful financial planning and the preservation of accumulated retirement benefits can help individuals build resources to support their future needs.
However, the report’s findings also suggest that retirement preparedness cannot be considered separately from the wider economic pressures affecting households.
For many Kenyans, the challenge is not necessarily a lack of awareness about retirement savings, but the difficulty of setting aside money while meeting immediate family and personal obligations.
Addressing this challenge requires greater attention to the affordability of saving and the financial decisions individuals make when changing jobs or facing unexpected expenses.
Retirement Security Remains a Key Financial Challenge
With seven in 10 Kenyans reportedly not on track for a comfortable retirement, the SanlamAllianz Kenya Retirement Benchmark Report 2026 raises important questions about the country’s long-term financial security.
The finding that 53 per cent of workers who left employment with retirement savings withdrew at least some of their funds further highlights the vulnerability of retirement savings to short-term financial needs.
The report, titled “Kenya Before It Ages,” provides a starting point for discussions on how Kenyans can strengthen their retirement preparedness amid competing financial obligations.
As households continue to balance immediate needs against long-term goals, the challenge will be to ensure that retirement planning receives sustained attention and that savings accumulated during working years can provide meaningful financial support in old age.