LIFESTYLE IN RETIREMENT A NEWSPAPER PRESENTED SIMPLY BY GBOLAHAN We. OYEGOKE (PRINCE) B. South carolina. (Ed. )Econs., MBA (Mktng. ) ABR, ACTI, ACA HEAD OF PRACTICE Gbolahan Oyegoke Co Chartered Accountancy firm AT THE POST RETIREMENT SEMINAR ORGANISED BY SIMPLY T. A. AMUSSAH SONS LIMITED (CONTRACTOR TO QUARTER NIGERIA LIMITED) DECEMBER six, 2006 PREAMBLE Retirement just refers to the very fact of preventing work since you have come to particular grow older or established criteria. This sort of criteria can be health, functionality at work, perform, options, takeover etc .
Retirement living can be wonderful or devastating¦ a dream come true or a awful nightmare. This will depend on how one particular prepares for it. In Nigeria, the personal sectors possess a relatively better reputation for taking seriously their very own obligations to retiring and disengaging employees through the immediate payments of severance benefits and gratuities. Happily and commendably, the uncertainties, poor-record keeping, frustration and injury which are common feature of pensions and terminal gratuity payments in the public service continues to be low in the private sector.
Nevertheless , after placing 40 ” 45 a lot of ones productive age operating of one firm or the additional, a research finding revealed the following: |Situation/Position in 65 years and over |Rating | |Very abundant |1% | |Financially impartial |4% | |Struggling to outlive |5% | |Died operating |36% | |Dependent |54% | |Total |100% |
This tendency could be traced to failure or insufficiency in human being capital progress many businesses. Corporate companies often dedicate huge amount of cash on capacity building that may benefit their particular business when neglecting the need for empowerment for “life after retirement with their employees. Put simply, corporate corporation does not make their staff for retirement living, from beginning or day of job. Until very recently, post-retirement education was considered as personal issue of the retiring specific. There is a dependence on change towards this attitude as pension or disengagement (forced or perhaps voluntary) can be REAL. FEATURES OF JOB You are always monetary need which makes you depend on and look forward to your wage. ¢ You are below constant danger and fear of losing your work or being desolate. ¢ Prior to your retirement, you would have put in the most lucrative prime time of your life in employment for any “take home. ¢ Often , you will be in a business of over 90% of other staff returning to the work they hate to go to, and to see faces they are not really too secure to put program. ¢ You are motivated to live in a vicinity and neighbourhood you wouldn’t have got chose to live in as your job location has always established where you live ” if you will never be late to work. The employer can determine your leisure time and how to spend it. As a necessity, they need to approve the leave/vacation period. They determine when you go away, when you return home, as you wake up then when you go to bed. In some cases, they determine at the time you procreate. ¢ Employment barely makes your rich and your employer can be not responsible for making you abundant anyway. ¢ What you receive money as pension benefits hardly cover your living expenses at old age. Quite often, we enable our companies to strategy (when and how) pertaining to our retirement. ¢ Most significantly, your capacity to earn diminishes over time. You’re able to a certain grow older, you will be consider unemployable (experience, or deficiency of it).
It is vital that we point out to ourselves that the seminar is organized pertaining to retiring personnel who might not exactly have had the benefit of pre-retirement enlightenment. We shall for that reason concentrate on what is required of them to remain cheerful and comfortable, while in retirement. In our family and environment, there is always anxiety about retirement. For an average Nigerian, whether in self or perhaps paid job, retirement connotes failure, that brings torment, it is consider shameful, it is usually seeing as failure, many view it as weakness, especially if is it doesn’t decision of any self-employed person, many consider it as consequence, others perceives it as bad luck, it simply remind us of lack of power and influence. We often get irritated and often increase questions on: ¢ And what will I do following retirement? Where will I live in retirement? ¢ I do not need retirement program, so how must i survive in retirement? ¢ Though Excellent retirement strategy, what if it fails? While the views above are fallacies, the fear, the questions and many other issues typically lead to lawbreaker act just like fraud, stealing, falsification old etc . THE DONT’S OF RETIREMENT Many private industries retired and disengaged employees who were very well and immediately catered for on retirement living have ignorantly and carelessly slipped into the poverty ring within a incredibly short period with their severance. This might be avoided whenever we attempt to abstain from the following serves: a)Desire for brand spanking new wife/(wives)
Do not marry a new wife: managing a new house, raising one more set of kids and coping with marital demand may insist on your resources and wellness. Your prior wife (or wives) and the children may loose self-confident in you and may not display necessary understanding. b)Projects Tend not to engage in creating a new home, especially if you individual your current place of residence. Comes back on property (rent) is probably not able to support you and economical obligations. Monetary outlay in construction of property is usually terminal with little or perhaps less recurring benefits, except you will be in real estate property business. Fanciful and emotional projects typically lead to loss of money. c)Cash Handling Tend not to keep funds beyond your immediate transaction want.
This could encourage robbers or perhaps thieves to attack you and dispossess you of your hard earn money. It may also encourage all manner of people to come seeking for mortgage without objective of repaying, and your capacity to say no may be weakened. As much any, let your bank be near your house and transact business through financial institution so as to steer clear of movement of large cash (what you consider little is certainly a good fortune to another person). d)New Business Except you are currently engaged in 1 form of organization or the additional before your disengagement, under no circumstances start a start up business as it could turn to become a draining tube. All manner of people will come to you personally with various shades of business proposals.
Do not purchase any new company or assignments (no matter the expected returns) as it may result in lack of money. Always be conservative in all of your transaction. Let alone been referred to as “Old School. Avoid questionable and illegitimate businesses with promise of abnormal huge returns or money-doubling orders. e)Politics Usually do not actively engage in political actions by using terminal gratuities to contest polls into personal public office buildings as well as sponsorship of applicants for personal offices. f)Social Activities Usually do not engage actively in interpersonal and public activities which will require standard expenditures and subscriptions. Will not encourage visitors to believe that you could have arrived or that you are abundant, it could result in demand for prefer.
Do not prolong your kindness to the point of losing your hard earn money. g)Ostentatious Life style Will not indulge in over the top living including drinking, football, spraying funds at functions etc . Apart from you do not have a great or a refurbish-able car, purchase of car (new or old) should be away of your focal points. Basic electronic devices is your requirement not really the trendy or high-priced ones. The thing you need is a functional and reasonable mobile handset and not the overpriced ones. It is important that you watch-out in your telephone bills. Where you can manage it, make sure you send text messages to greet instead of outright contacting. In all instances, consider the cost-benefit. h)Stay out of Debt This can be a command rather than tips.
Whatsoever you are unable to afford within your recurrent income (in retirement) should not be attractive to you. i)Others Don’t let anger rule your life. As much as possible, avoid confrontation. This is an imperfect world, and individuals make mistakes, even if they are to accomplish their best. Will not assume that age group makes you wise and that the globe is expecting your tips. If your friends or relatives want advice, they will request it. Do not live in the past. The past might be where you are very comfortable, but it is a present that many people, specifically your children and grandchildren seriously care about. Do not miss the opportunities. Get where you want to look! (However, with caution). THE MUST
Retirement living can be fun in the event that certain rules are noticed and honored. Such guidelines include: a)Set your house to be able Again, this really is a control not advice. You must become at tranquility with your better half (or wives). Where you have higher than a wife, you need to ensure that you solve any variations that may exist between them. Your sons or daughters, no matter all their number or perhaps mother must be at serenity with each other, all their mother(s) and yourself. This can be your obligation that must by no means be assigned to any individual. It must be within your mind that you just brought these people forth to provide you with JOY and not sorrow. Ahead of your pension, you cover under the guise of “going to work, now there is not a hidden place.
You must also resolve any distinctions that may exist between you and your extended or large friends and family. Verily, verily I say unto thee, become friends to everyone in the family, you will want them today than ever and so they need you. Boredom and loneliness breathing depression and this may lead to pressure, stroke etc . b)Be by peace together with your GOD You have less time to live than you have stayed on nature. Now that you are attracting nearer on your God, it is vital that you resolve issues with the God. Reduce God intended for whatever, you consider unfair to you and forgive yourself of any short-coming in your life. Forgive your fellow person for their “sin. Pay attention to the religious tenets. c)Be Effective
Choose a pension activity you probably enjoy. It can be a part-time job, working as a volunteer, a spare time activity, or even a sport. Make that activity major of your life. It truly is wonderful to be able to spend time performing something you probably like. Start exercising regularly. It is good for the body and in addition for your head. Exercise helps reduce stress and anxiety, and provides a feeling of physical health and wellness. Eat healthfully. At age one to forty, we eat for taste and at fourty and above, we are to eat for our health. Stayed fine-tined into the community around you. It is important to stay psychologically alert. Newspapers, books, journals, and tv programs can keep you up to date within the issues through the day.
Do keep your physical and mental independence. For given that your health and finances enable, try to manage your very own affairs, do things for yourself, and live by your own routine. Never be pushed by the expectation of others. Draw from your inner power when personal or relatives trouble comes up. You spent a life time learning the strategies of your survival. Use your understanding to help other folks. Do keep your sense of humour. Generate small mental lists of jokes you can tell to friends. “Laughter is the best medicine. Laugh, the world will giggle with you. Grump, and you will grump alone. d)Prepare your IS GOING TO Speak to a reliable lawyer and seek his advice upon WILL. Planning of will certainly nsures that you just set your house properly the way you want it being when you might have gone to others with your inventor. It helps one to protect the household against themselves. Appreciate your birthday! Growing old is not a right, it is a advantage. Take good care of yourself to suit your needs may live more than you anticipate. INVESTMENT IN RETIREMENT The gratuity of any going individual features several rivalling necessities, needs and careless requests which will we consider important right now and in the nearest future. Costly established reality our reasons for keeping funds and the volume level kept may be broadly categorized as: ¢ Transactional: we keep money to meet program our daily needs (ofcourse not want). Precautionary: we as well keep cash to meet program emergency requires that we usually do not envisage. ¢ Speculative: funds can also be retained to meet with “opportunities which includes returns which will we consider satisfactory. Through this light and as retiring individuals, my very humble counsel would be as follows: 1 ) Ensure you place in fixed deposit account, a sum which is not less than =N=2million or thirty-three. 33% (whichever is higher) of your gratuity at a rate no less than 9%. This will assure you of lowest income of =N=15, 1000. 00 a month. 2 . About 33. 33% may be schedule for expense in stocks and shares. You will need to protected the assistance of a stockbroker with honesty to manage the investment. 3.
The balance of the gratuity could possibly be apportioned to unit trust fund, purchase in your partner’s business, expenditure in your hobby (if you are definitely it is in a position of yielding good returns), investment inside your current organization, if any kind of etc . At any point that you require to create investment decision it is vital that you seek the guidance of professionals. Guarantee to document and legalize your deal, no matter the partner you are dealing with. I pray that you’ll live longer than your expectation in prosperity and good health. Our god will give you whim and favour in your upcoming endavour. Appreciate your for your time and market while I beseech you to “keep thinking.