Abstract
This study sought to assess the retirement planning strategies adopted by Ghanaian informal sector workers and their implications for retirement income security. The study employed qualitative research method specifically, interviews and focused group discussions to obtain data from 33 informal sector workers. The workers were composed of 6 food traders, 1 private health worker, 8 street hawkers, 6 commercial drivers and 12 domestic workers after reaching data saturation. Thematic analysis was used to analyze the data after transcription and data coding. The analysis was situated within the Process of Retirement Planning Framework. The study revealed that while Ghana has a Three-Tier Retirement planning system that covers the informal sector, majority of workers use informal approaches to plan for their retirement which prevent them from accessing adequate retirement income security as they age. The study further discovered a significant interplay between individual financial, lifestyle, psychosocial and healthcare in the retirement planning process rather than state arranged retirement policies. The study highlights some of the informal retirement strategies used by the workers which include church welfare policies, building houses for rental and the use of “susu” contributions. Therefore, the study concludes that governmental policies on retirement planning strategies should include informal sector workers through local financial literacy programs.