How To Plan & Prepare For Retirement In Nigeria

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.