PREPARING TO ENJOY YOUR RETIREMENT

Paper presented at the Preretirement Seminar for Auchi Polytechnic Staff at School of Business StudiesPhilipa Idogho Campus

BY OLUSHEUN EKUOYEPolytechnic Librarian

Auchi Polytechnic, Auchi2nd September, 2014.

Preamble Retirement is a very sensitive subject and it

takes the counselor and a psychologist to attend to it well. I am neither.

On this note, my discussion on the subject is heavily enhanced by 2 works: the works of Professor E. A. Akinade, a professor of counseling psychology and secondly, a key note address delivered by Olusheun Ekuoye in 2007 in Edo State Chapter of Nigerian Library Association.

INTRODUCTION

“Notwithstanding the plenteous literature on preparing potential retirees for retirement, many retirees do not find retirement pleasant. The American Heritage Dictionary of English Language attempted to connect the plight of retirees to the French origin of the word ‘retire’ and ‘martyr’. However, the transient nature of words which made the word retire to be used for the first time among the English in 1533 was used to refer to a military force that withdraws. In 1667, the word was used to mean, “to withdraw from a position for more pleasure”.

INTRODUCTION Cont’d

“Print and non-print media have catalogues of retirees’ woes. We are not unaware of retirees waiting for months expecting gratuities. There are stories of retirees parading flat stomachs in demonstrations. We have read of stories of retirees slumping on queue while waiting for their pension. Some have even been found dead in taxicabs, not to mention those who were rushed to the hospital from pension paying ground. Tension at the venues of collecting pension has caused many to die of hypertension. Many a retiree have been sent out of their rented apartments and, the plight of their families is beyond what words can create”. Ekuoye, (2007).

 

INTRODUCTION Cont’d There are very few palatable stories and

captions on pension and retirees. Some captions are:

“Pension: Waiting for the dead man’s shoes” by Josef Omorotiomwan, Observer, Thursday,

August 22, 2013.“The Pension Mess….. Retiring into poverty”?

by Bimbola OyesolaDaily Sun Monday, October 17, 2011.

INTRODUCTION Cont’d“Pension Benefits: A Ticking Time-bomb”

by Femi OdulanaGuardian, Sunday July 2, 2006.

“Pension: The bad, the ugly and the worst”.by Charles Kumolu

The Vanguard Wednesday April 11 2012“Facing retirement with a smile”.

by Tope AfolayanNigerian Tribune, Monday 17 July, 2006

HOW PENSION LOOT WAS SHARED

The Facts and Farce of a Scam

Pension: The bad, the ugly and the worst

INTRODUCTION Cont’d The above makes it more necessary to plan

for retirement. To face retirement with a smile, to avoid the

predicaments of many retirees, we should prepare for retirement. Retirement, in the true meaning of it belongs to those who prepare for it today. We should make hay while the sun shines.

Retirement!

Retirement can be likened to heaven. Everyone exalts it, but no one wants to get there now. The following are true of retirement:

real inevitablecomes before pension.ends one’s active primary earning life.is transition from when you work for money

to when your money work for you.

Types of Retirement

1. Voluntary 2. Compulsory3. Mandatory – normal, official, known and

expected by workers.

Types of Retirees

With adequate preparation, retirement is an opportunity to withdraw to a more pleasurable activity. Whether official, premature or voluntary, retirement should be a well-earned time of relaxation from rigors of work. For this reason, there are reasons to prepare for retirement. In preparation, there are necessary questions to be asked and answered. The following questions determine my classification of retirees.

Where to live after retirement? What to do after retirement? What is the choice of investment? What is the cost implication and what is to be set aside?

Types of Retirees Well adjusted retirees

Retirees

Poorly adjusted retirees

Importance of Retirement

Positive

Retirement

Negative

Positive Aspect of Retirement

You own your time and determine how to use itTime for travelHobbiesVolunteer or part time workServing GodExplore new talents and interestWriting – autobiographyOnly those who retire can receive gratuity and pension.It is an opportunity for the retired to serve

himself/herselfSpends less on transportationTranslation to an elder or senior citizen

Negative aspects of Retirement

- Loss of a usual income- Isolation, loneliness- Miss former co-workers- Miss valued position, pecks of the office and

feeling of authority.- Find where to go on routine basis.- Loose recognition by former employers.- More on medical bills- Succumb to wives power (men)- Marriages having problems open up.

Why Some Retirees Fail and fear to Prepare

IgnoranceLack of informationProcrastinationTrain children firstRetirement phobiaLack of vision Misplaced choices (wants and not needs)ExtravaganceUnhappy family lifeToo attached to your job and career

Preparations for RetirementPlan to retire and not retire to plan. Planning for retirement as a conscious act should involve the following:

- attend retirement seminar/workshops/lectures- read literature on retirement- Plan your finances and learn how to investments- Get involved in retirement insurance plan- Begin to save in shares- Plan to retire into your personal house- Invest in land for resale- plan your health and health care- plan your retirement activities- change the don’t come near me stance- be more approachable and give others positive regard- Plan to give up the CARS- watch phone lines, handsets and phone bills- plan and work towards an employment- Begin a side business

Recommendation to GovernmentGovernment should consider making the last five years of preretirement tax free

CONCLUSION

Retirement is real and inevitable, and in preparations for it, the words of Pythagoras becomes handy. “Concern should drive us into action and not into depression. No man is free who cannot control himself”.

Control yourself, and plan your retirement.

Thank you for listening.

REFERENCES

Akinade, E. A. (2006) Towards Successful and Joyful Retirement, Olu-Akin, Ibadan.

 Ekuoye, O. (2007) “Preparation of Librarians for Retirement:

A Social Imperative” A keynote address delivered at the Edo State Chapter of The Nigerian Library Association on Wednesday 16th May 2007 at the Edo State Library Board.

 Kiyosaki, R. (1997) Rich Dad Poor Dad.

Warner Books, New York. Kiyosaki, R. (2002) Retire Young Retire Rich.

Warner Books, New York.