The inaugural SanlamAllianz Kenya Retirement Benchmark Report 2026, launched in Nairobi on 12 October, found that seven in ten Kenyans are not on course for a comfortable retirement, citing rising household expenses and unstable earnings as major obstacles.

Household and family expenses emerged as the biggest barrier, with 44 percent of respondents naming them as the primary reason they cannot save for retirement.

Low or irregular income was the second most cited obstacle, reported by 37 percent of participants, while 24 percent said debt repayments limited their ability to set aside money.

Family responsibilities further strained finances, as 62 percent said supporting dependants reduced the funds available for retirement savings.

Only four per cent blamed a lack of understanding or trust in retirement products, indicating that knowledge gaps are less significant than cash‑flow pressures.

When income stopped, 39 percent of respondents said they could cover basic household expenses for two months or less, highlighting limited emergency buffers.

Over the past year, 23 percent of respondents had either dipped into their savings or reduced retirement contributions; the figure rose to 29 percent among workers aged 20‑39.

Among those who left a job or closed a business while holding retirement savings, 53 percent withdrew part of the money and 26 percent cashed out entirely, while only 32 percent retained or transferred all their funds.

One in five respondents said they received no assistance when leaving employment or business, underscoring a need for better guidance on protecting retirement assets.

Awareness of income‑drawdown options remains low, with 45 percent never having heard of the method, although 51 percent would prefer a guaranteed monthly income for life.

Healthcare financing is another concern: 53 percent lack a funded plan to cover medical expenses after retirement.

Eighty‑eight percent said they would continue working or running a business even if their retirement income met their needs, reflecting a cultural preference for continued activity beyond pension age.