This
article contains ways to prepare for retirement,retirement policy,life
after retirement,retirement age,retirement benefits and everything you
should know about retirement in Nigeria.
Most
workers in Nigeria don't like the mention of the word 'retirement',the
truth is that majority of Nigerians do not plan for their retirement on
time and hence will feel unhappy whenever the issue of retirement is
mentioned.
The
plain truth is that if you plan meticulously for your retirement in
Nigeria,the rest of your years will be an enjoyable one,you will have
the chance and opportunity to pursue some other careers / ambitions or
even travel to places you have dreamed of.
In this article we will list some practical steps that will help you to prepare for retirement in Nigeria.
How To Prepare For Retirement In Nigeria
1. Awareness
The
difference between an individual that is enjoying his/her retirement
period is the person that is aware that there will be a time when they
won't be able to work again in life.
Most
often young people do not think of retirement,they see it as a far away
futuristic occasion,forgetting the fact that time flies,one of the the
best ways to prepare and plan retirement is to have the awareness that
one day you will wake up in the morning but wont be able to go to the
office again,this will motivate you to start making calculated plans.
2. Retirement Plans
After
being aware that retirement is inevitable if your working in
Nigeria,the next step is for you to plan and set up a plan on how you
want to enjoy your retirement.
This
plan should contain blueprints on how you will take care of your health
(health insurance),vacations,starting up a business Etc
3. Cost Estimation
Depending
on the what you were earning as a worker and the type of lifestyle your
accustomed to,you should be able to estimate the cost of
retirement,this will also help you to make plans for retirement.
According
to a research online,you should have up to five -eight times the money
you make in a year in your bank account,apart from your gratuity or
remunerations.
4. Save
This
one letter word will save you a lot of stress if you are able to
actually ''save'' very well. Every month you should set aside an amount
of money specifically for your retirement,in fact you should create a
bank account for this and it should be automated.
Automated in the sense that every month your retirement money should be deducted from your salary.
And
if possible the deducted retirement money should be kept in a fixed
deposit account so that you won't be tempted to touch the money.
5. Investments
As your working,make sure you have a number of investments that will be able to generate cash for you.
Do not focus only on your current job,it's imperative that you have a side hustle.
You
should consider investments in real estate,government bonds,treasury
bills Etc which will be able to generate funds for you even after
retirement.
6. Build Enthusiasm
That
you have retired doesn't mean that you should be confiscated in one
house,the best time in life is actually when you plan well and retire.
Even
after retirement you should continue being productive and wake up each
morning to a new challenge else you might end up developing an illness
or dying early.
Consider
opening a small business that is less strenuous but has the ability to
generate cash such as catfish farming,raising broilers,rabbits or
setting up a provision store.
Retirement
in Nigeria shouldn't be dreaded but should be embraced as long as the
necessary retirement plans and steps are put in place before
retirement,retirees should still be filled with enthusiasm as they
pursue a new goal or dream for the rest of their lives.
