Assessment of the effects of social security benefits on the wellbeing of retirees in Dar es Salaam region a case of National Social Security Fund-(TVSSF) and Public Service Pension Fund-(PSPF)

Social security schemes prevent people who encounter contingencies that may trigger economic difficulties in life such as: retirement old age, being unable to work due to disability and the cessation of income due to the breadwinner, from becoming impecunious. The study uses National Social Security Fund (NSSF) and Public Service Pension Fund (PSPF) to analyze the effects of social security on the wellbeing of elderly. Using a sample of 300 retirees, the study analyzes the main factors that influence the wellbeing of retirees after retirement. Descriptive analysis shows that 28% of the wellbeing of retirees is not improved and only 33% of the retirees have extremely improved wellbeing. Also 37% of the retirees are in between neither extremely improved nor not improved. Furthermore, Ordered profit regression analysis used examine the effects of social security benefits on elderly wellbeing finds that, family size, education level, housing and other sources of income of the retirees to be significant factors in explaining wellbeing status of retirees after retirement. The study recommends policy improvements on the improving and widens the scope and coverage of social security services to all the citizens who are from formal and informal sectors like mining, fishing and small businesses. Also a need to have awareness programs that will educate retirees on how to use properly the lump sum amount of retirement.