The number of workers who are financially unprepared for retirement is staggering. In a work place such as ours, we may be tempted to forget that there is life after retirement. Most of us are guilty of storming designers’ stores, drinking the most expensive wines, cruising posh cars and generally living the “life”. By all means, take care of yourself but do it wisely.
To enjoy our retirement years, we need to begin planning early. Living in a country as Nigeria where we are constantly in a “No work, no chop situation”, we need to plan and save for retirement in our 30s or even sooner. Adequate planning will help to ensure that we not only outlive our savings, but that we will not become financially dependent on others. It is never too late to start or to improve our retirement plan.
Ifeyinwa Awulor, a journalist with The Pointer Newspaper, asserts that “With the extravagant lifestyle of workers in civil service across the nation, it seems that only very few number of workers think about their positions some 30 or 40 years from now. It’s a concept so many assume to be so distant and as much as possible; would prefer to avoid the subject entirely”.
Even as we work and receive Salaries and allowances, it is important to keep in mind some of these points;
- Watch how you spend.
- Save as much as you can as early as you can.
- No one else is going to fund your retirement…save, save, save.
- Increase your retirement percentage every time you receive a raise.
- Even if your plan allows them, avoid taking loans against your account.
- Most importantly—budget and live within your means.
It is therefore important not to assume that it will be easier to save in the future. The time to begin or improve on saving for our retirement is now!