How To Survive In Abuja After Retirement?
goldandlandsadmin October 15, 2022 No Comments
What frightens you about retirement?
What keeps you up at night in a state of fear and anxiety?
Most people are even scared of retirement than dead in Abuja Nigeria, because of the federal government incentive attached to their jobs, for this reason most don’t want to stop working.
This is because they see retirement from a wrong perspective of life. A place for idleness in minds which is said to be a place of negative imagination. However, in the other hand, not everyone fears retirement but for those that do, it can be a terrifying prospect indeed. For many, it’s even more frightening than death or illness. Men are more likely than women to be more scared of retirement than death.
In good memory of my Dad, while I was growing up, my dad usually make emphasis to his retirement. According to him; “my retirement money would be enough to sustain me. I won’t rely on my children for survival’’. My dad was not scared of him being retired because he had some good plans which was able to sustain him till he pass on. But even with his plans, the resource wasn’t much like when he was active in service in a government job.
This usually make him sometimes sad, and made him search for another job in his retirement age. He actually got a job being a consultant to a power holding company also own by the government. One mistake I learnt from his life was if he had earlier built his own consultancy service from his 30 to 35years working with the government, he would have retired before the government did retired him. Would still be a happy man, and achieve more before he passed on. May his soul rest in peace!
Good day, hope you are doing good.
Today I’ll discuss the importance of a good plan after retirement. This is because this generation live for the now. They don’t see the future, so they even spend their investment acquiring luxury life with no better investment plans and some even eat their life investment.
Why is this topic relevant at this moment, this is because of the high rate of depressed people in Abuja and Nigeria. You see depression from aged people and retired citizens in combination with the hard economy. Most don’t plan their financial lives in a youthful age, they assume things would get fine. But only to discover nothing actually change by hoping for change in their financial life. All this would eventually become baggage of a failed money life affecting their daily living.
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Factors Related To Poor Retirement in Abuja Nigeria?
Many Nigerian workers are dreading the day they would disengage from work-life. Retirement in Abuja, Nigeria has turned out to be a constant nightmare courtesy of incompetent government and thieving leaders which has resulted to a lot of psychological tribulations resulting from unpreparedness and the various forms of psycho phobic reactions often exhibited by several workers in Nigeria. Some main factors to be responsible for lack of planning:
1. The belief by many Nigerian workers that their pension would provide all that will be needed to live on, comfortably, after retirement.
2. Laxity. The attitude of many Nigerians to live only for the economic moment, with the belief that the future will take care of itself. This ‘optimistic fatalism’ has been found, though rather late for many, to be false expectation.
3. Most Nigerians do not plan for retirement, for no fault of theirs, but due to the nonchalant attitude of employers towards providing pre- retirement programmes for their employees. Lack of exposure; most Nigerian workers are not exposed to pre- retirement education where planning is taught
4. Laziness and lack of planning attitude for retirement are also associated with lack of planning. Nigerians are simply not bothered to devote the time to think about retirement plan.
5. Apathy and fear of failure. By not taking action, it is believed there is slight possibility of failure unless a problem is urgent and pressing.
6. Poverty. Poverty makes it difficult to budget and save money while they are raising their children. Paired with this is the practice by some men to raise many children beyond their financial capacity, thereby leading to more poverty.
7. Corruption. Nigerians who are used to taking bribes or kickbacks hardly envisage that such bribes would not be available in post-retirement.
8. Procrastination. Most Nigerians either do not plan or delay their retirement planning until retirement is upon them.
Life Retiree Experience After Retirement In Abuja Nigeria?
1. Running Out of Money
The most frequently cited retirement fear is “outliving my savings.” Fifty two percent of all workers (young and old) say that they fear outliving their savings and investments, and 42% are concerned that they will not be able to meet the basic financial needs of their household.
The reality is that these are reasonable and rational fears. Running out of money after you have retired and been out of work for a few years is indeed terrifying. You’ll be older and much less able to head back to work. Just think about the rising medical bill costs as you grow older and the increased need for savings to help cover these expenses. (No, Medicare does not pay for it all by a long shot.)
2. Less Social Security
Once upon a time the fear that Social Security would disappear seemed more like an urban myth than a realistic scenario.
3. Losing Access To Health Insurance.
Losing access to health insurance is another fear that is warranted, “In the past, more people had access to employer or union-sponsored retiree health benefits. But that’s rarely the case now.
4. No Landed Property
It is usually a pity state to see retiree not having a self-home or land to utilize in retirement age. I usually think what it would be best if they plans ahead of where to stay after retirement so as to reduce the pressure.
At most case these individuals may relocate back to their village. I have land package for such people who are about to retire or plan to get landed property before retirement. There are land you can pay twice or thrice in Abuja, in good real estate. You can contact me for this purpose to ease retirement pain of having no place to call a home.
Ways To Enjoy Your Retirement In Abuja Nigeria
To enjoy retirement years, the need to plan early is essential. While the average lifespan of Nigerians is somewhere above 50 years, a large number of Nigerians live up to their 80s and 90s. With numerous people exceeding the expected lifespan, and the growing sophistication amongst our young adults, provisions need to be made available in our society in order to care for the elderly. In case of no such systems, workers then need to begin planning and saving for retirement in their early years. Sufficient planning always help to ensure successful retirement life and not become financially dependent on others in old age.
Planning for retirement should start right from the date of entry into the civil service. By implication, one does not need to wait for the final retirement benefits to plan for retirement. While one is planning for his family, it is also necessary to plan for retirement.
No matter what your financial struggles are, if you’re disorganized with paying bills and saving, the struggle to stay afloat becomes even more difficult. Fortunately, it’s not hard to whip your finances into shape with a little organization for better money management.
1. Plan Your Family Number
Optimal family size or number of children that can be comfortable to cater for. It is not very convenient for a retiree to continue to produce children even at retirement. This can increase the virus financial load of workers in retirement. This will not help improve: Good health in post- retirement life; adequate security provisions for life after retirement; Reduce concern for money.
2. Create Budget For Your Gratuity
The problem of individuals with low financial knowledge is that usually inflict their self with financial struggles. Gratuity is not to buy new cars when you don’t have a life time investment. Gratuity is not to take new wife or acquire none relevant items. Your gratuity is for long term plans, putting the fund to work in whatever investment you have in place before retirement.
One of the first steps to more organized finances is knowing exactly how much money you have coming in and going out for monthly expenses. So, as boring as sitting down to do a budget sounds, it’s essential to good money management at retirement. Besides, there are all kinds of fun budgeting apps out there – Mint, PocketGuard and Honeydue (for couples).
2. Track Your Spending
Personal finance apps aren’t just limited to helping you budget. They can also track your spending so you can see where all your money is going and point out spending categories where you might be able to cut back. Some budgeting apps can monitor subscriptions and remind you of payment due dates, too.
3. Enroll in your employer’s retirement plan
If your company has an employer-sponsored retirement plan, enroll in it as soon as possible. That way, you can set up a contribution from each paycheck to painlessly begin saving for retirement. The monthly contribution is made by the payroll department, and if your employer matches a portion, that’s free money added to your retirement account.
7. Make payroll contributions to savings
Just like with a retirement plan contribution, your employer may be able to automatically deposit an allocated amount from each paycheck toward your personal savings account. Sure, your paycheck will be a little smaller, but isn’t it worth cutting back on takeout a few times a week.
Ways One Can Find Happiness In Retirement
Ways one can find happiness in retirement as suggested by Cynthia Barnett (2011) are:
1. Be open and receptive. Change your attitude and you will change your life.
Retirement is just another chapter of your life that you should enjoy if you are open and receptive to doing so. It is a time to chase your ambitions, aspirations and make your hopes come true.
2. Plan physical and mental activities. An engaged mind is a joyous mind. By remaining healthy and psychologically active, you will lift your spirits and you will be pleased.
3. Laugh and have a fun time. Don’t take yourself so seriously. By having fun and living life not too seriously, you can boost your attitude and make everybody around you cheerful.
4. Be a little extroverted. Spread your joy with those around you, who love you and care about you. By sharing your deepest fear and feelings, you can positively influence your psychological state.
5. Devote quality time with loved ones. Now that you are retired, you even have more time to spend with those you love. Plan informative engagements or throw get-togethers for people around.
6. Take up inspiring activities. Decipher the things that motivate you most and engage yourself in them.
7. Develop your intelligence. An informed mind is a joyous mind. By increasing your knowledge, you can become cheerful.
8. Remember that little things mean a lot. Be nice to people and you will feel good about yourself. Engage in volunteering activity.
9. Fulfill your dreams. Consider fulfilling those dreams you have shelved on your way to building a career for yourself. This can be very satisfying.
10. Maintain a positive mental attitude. Do not become stagnate just because you no longer working. This is the fastest way to breakdown. Maintain a youthful attitude. Remain active mentally and physically and take up some hobby.
Conclusions
Public servants must plan for retirement in order to ensure that they are financially secure when this day comes. Many workers look forward to retirement but do not prepare for it as it is a stage that every worker must surely reach whether he prepares for it or not. Those who secure entrance into a Nigerian organization are not conscious of their exit which is certain at a future date; waiting on the government to ensure proper, effective and efficient retirement strategies have failed in the past; having a great retirement in Abuja, Nigeria should not only depend on the government but on ardent preparation by those involved so that at the end of the day, they would not become a burden to themselves and their families.
