IN NIGERIA By I.C. Egbuta and I.C. Egbuta

The word “Retirement” for business owners and indeed for a lot of individuals is more often than not viewed negatively as a pronouncement of confinement to the forgotten annals of history Retirement introduces inconsiderable changes in our way of life. Some of these changes could be very unsettling. And coming mostly when we are less able to cope with change, they can wreck fun out of those precious final years of life. Experience has shown that the majority of workers and business owners take the issue of retirement for granted that explains why most of them retire into mixed blessings. It is unfair for one who has invested the prime of life in toilsome labour to end it in harrowing adversity all because one engaged retirement presumptuously. This is why, it makes sense to find out exactly what to expect in retirement and then evolve the best ways to face them. Indeed, that is the essence of Retirement Planning, which is part of Life Planning with emphasis on: • • • • Psychological impact of and adjustment to change Personal Financial Planning Accommodation and Legal Matters Social and Leisure Needs

The view that retirement is that phase of life in which emphasis should shift from working to survive, to surviving leisurely is strongly advocated. It should be a period the retiree engages in activities of his real interest and does so when, where and how he decides. Whatever he does should be from choice rather than from pressure for basic needs. The fact that retirement can only be leisurely if the retiree had built up the necessary factors of retirement – success well within the working life, cannot be overemphasised. Engaging Retirement Planning that early is what is referred to as Pre- Retirement Education (PRE).

If you do not plan on how to occupy these hours in fruitful vocations. BENEFITS OF PRE TO EMPLOYERS . No matter how big your retirement benefits may be.PRE BENEFITS 1. It is a survival guide when personal income falls. and a present opportunity to make that world a success. health care and the old age syndrome. Experience shows that many highly placed officers have real difficulties adjusting to loss of status. PRE can also cover issues of retirement as home location. PRE does it all. Retirement releases you from regular work and swarms you over with hundreds of idle hours. they will always fall short of your take-home pay as a worker. PRE will suggest various ways you can maintain your present standard of living with your retirement income. It is your right to know what retirement world holds for you. they can noose you into frustrations and decay. PRE will suggest effective ways such officers can adjust to such inevitable changes. One of the potential benefits of PRE is that it can present participations with options in the search for retirement vocations. • • • 2. the prime relationships necessary in retirement: sex life. BENEFITS OF PRE TO EMPLOYEES • PRE can eliminate the psychological pressure that tends to disrupt workers concentration at the eve of their retirement.

The former is for workers who run full job careers at the place of employment and intend to retire at the normal statutory age. The details are as follows: i. A well installed and operated PRE program indicates to your staff that you and management are interested in and committed to their welfare even beyond their tenure of employment.• It motivates staff to higher performance. than allow themselves be forced by trade unions or staff associations. It maximizes employer investment on staff retirement benefits. The PRE (S2) on the other hand is for those who may retire early by personal choice or by nature of their employment. The Senior course (PRE 55). The first is the senior course (PRE 55) and the second is the Early Retirement course (PRE (S2)). A recent trend in labour relations is to classify PRE as one of those obligations organizations owe their staff. Some people believe that the high level of corruption in the Nigerian labour force is mainly an attempt by the workers to secure their retirement. Objectives On completing course PRE 55. It has become the right of the staff. they tend to infringe on their employers’ estate in the way of absenteeism. Many retirees misapply their retirement benefits and thus become an embarrassment to their erstwhile employers. double dealing on clients. It deepens staff loyalty and commitment. PRE can provide a guide and directs staff on how best to apply their retirement benefits. Several organizations now realize the wisdom of making the PRE provision from volition and on their terms. • • • PRE ADMINISTRATION In order to simplify the dissemination of this innovative idea in the workplace. When staff are left to work out their retirement provisions without the guidance of the employer. two classes of courses will be designed to infuse PRE into the psyche of both the employer and the employee. outright stealing and other fraudulent practices. participants: .

Will develop the right attitude for the social/economic changes retirements brings Will have right skills to manage their personal estates efficiently Will be able to identify and exploit opportunities for profitable and low risk investments in Nigeria business scene. and expectations in retirement (b) The realities and challenges of retirement (c) The social relationships that matter in retirement (d) The leisure needs of the retiree . Will be able to decide on their specific leisure goals and hobby outlets Will identify the need to adopt good health principles as a way of life Will prepare an action plan to guide them through the first years of retirement       Content  Introductory Exercises (a) Commencement / Motivational /Addresses (b) General concept of PRE – Retirement Education (PRE)  Statutory / Personal Basis for Retirement (a) Natural age for retirement (b) Employer’s policies on retirement age (c) Voluntary retirement  Social / Psychological Dimensions of Retirement (a) Employees’ fears about. Will be able to identify the challenges and opportunities of life in retirement.

 Financial / Business Matters in Retirement (a) Review of retirement financial profiles (b) Pre retirement living standard on retirement income (c) Investment to support retirement income (d) The Nigerian Business environment (e) Principles and practice of entrepreneurship  Personal Development (a) Management of change (b) Succession Management (c) Aspects of Time Management  Health / Welfare Matters in Retirement (a) Maintaining good health for and in retirement (b) Management of common health problems in the seniors (c) Living arrangements (d) Leisure and hobby outlets  Terminal Matters (a) The aging syndrome (b) Making a formal will (c) Problems of fourth age .

participants:      Will appreciate the opportunities and challenges of retiring early Will develop the spirit of successful enterprise Will be able to determine what business area to go into Will be able to plan for success as self employed persons Will learn to personally prepare for comfortable later life Content  Reasons for Early Retirement (a) Pursuit of personal ambitions (b) Family / community pressure (c) Health reasons (d) Frustration / Retrenchment  Implications of Early Retirement (a) Psychological / social implications (b) Financial implications (c) Vocational implications  Preparation for Early Retirement (a) Process of self assessment (b) Setting objectives and goals . EARLY RETIREMENT COURSE (PRE S2) Objectives On completing course PRE S2.ii.

criticisms and negative notion on retirement and pension . arguments.(c) Training for new skills  Entrepreneurial Skills (a) The right sense for self employment (b) Modern tools for planning and decision making (c) Financial planning / control techniques (d) Optimum use of resources  The Business Options (a) Success factors in new business (b) Joining / Purchasing an on-going business (c) Buying a franchise (d) Simple techniques for business management (e) Coping with the business environment  An Eye on Financial Retirement (a) Securing retirement income (b) Issues of living arrangement in retirement (c) Health matters for retirees (d) Leisure arrangement in retirement SUMMARY The prompt adoption of the Pre Retirement Education (PRE) program in the twilight of one’s business or career will go a long way in stemming the turbulent tide of bad retirement in our nation. The problems.

*Mr Iheanyi C. Wales UK. * Mr Ibekwe C. The financial security of the future aged and elderly will be without the strain and stress it embraces today if properly planned in Nigeria. .PRE. Egbuta is a final year PhD in Business Enterprise student in the University of will be drastically reduced and the future of the future Nigerian retiree who has worked hard all his life will brighten again by the implementation of this simple study . Egbuta is a Retirement Planning consultant in Lagos and the author of “Thinking of your Retirement”.

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