MAURICE ASUQUO
Retirement is a concept that came about as life expectancy increased. One hundred years ago, the concept, retirement, did not exist.
The history of retirement planning explains our modern day increased life span, and the onset of Government sponsored retirement benefits when social security was created.
Prior to such programs, people worked their entire life, and if they were unable to work, their family was expected to provide for them, but today the reverse is the case.
Retirement means different things to different people. It means to “withdraw from one’s position or occupation or from active working life”. For some, retirement simply means “leaving their current job or profession; but for others, retirement means “never working again”. Whichever is the interpretation, the picture of a retiree without adequate planning is clear and unique in the minds.
The situation with retirees, especially Civil and Public servants, is that, although the essential ingredients necessary for their development may abound naturally within their immediate environment, they lack awareness and appropriate organizational structure to help harness and put their resources into productive uses.
Thus, the prospective and retired Civil and Public Servants have to make a lot of financial decisions that have a life-long impact. One of the biggest decisions is “when to retire”.
Another is, how much to spend in retirement. It is also necessary to decide “when to start taking social security”.
If the individual has a pension, some permanent pension decisions must be made to include deciding whether to take a lump sum, or an annuity, and what terms to choose such as benefit for life only, or benefit that provides ongoing benefits for spouse.
It is equally advisable to make life style changes in order to save enough to afford a comfortable retirement. One of such alternative is to consider part-time retirement, where you find work that you enjoy, even if it pays less
Any sound retirement plan rests on building a diverse portfolio of investments to fund retirement years. It is also necessary that Government organizes regular workshop for both retired and retiring civil servants to awaken the consciousness of the people towards initiating meaningful investment of their pension funds.
Also, it is very important to advise that all those saddled with the responsibility to paying pension or gratuity to pensioners should also know that, one day, they too will step into the same shoe as retirees.
It is not proper that pensioners should be made to beg for their merited entitlements. After all, they deserve a fair treatment as respected senior citizens of our great country, Nigeria.
Giving thought to such possible maltreatment concerning retirement benefits, those in active service must make plans and take steps toward ensuring a comfortable life in retirement.
