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Strategies according to Anao are schemes,
maneuvers, methods, plans which organizations or individuals hope to deploy in order to function
effectively, Retirement is essential one of the basic facts of life, and people
save for two basic reasons, to make lots of money and to provide for the
retirement. And according to a recent research, people are more likely save to
cater for their retirement than to be rich.
The problem of financial crises and the increasing
in the working age in United Kingdom and the United states has made people to
start planning heavily on the retirement, coupled with a recent development
where scammers target retires because of their vulnerability indicate a
positive trend in having a good retirement strategies as most whites return
back to work having discovered that their pension pot could not carry them
through during their retirement. These are the basic strategies for retirement:
1 Save for retirement: saving for retirement is a
basic requirement in life especially in Africa where there is no social
security. Saving for retirement in Africa is fast becoming important as the
modernization has gradually eroded African system of social communism where in
most communities; people gather together build houses for old people who do not
have children to cater for them. As this has eroded, it becomes increasingly
important to start saving for old age
It is also important to embark on voluntary
contribution as the mandatory provision of 15 percent is not quite enough and I
strongly commend the Federal government of Nigeria for increasing to 18
percent.
2 Make s rough estimate of retirement savings needs,
the saving need is a strategic issue as most retirees came to the sudden
realization that what they are getting as their lump sum is not enough, coupled
with their desire to get a house and a car from their lump sum which is barely
enough to cater for their immediate needs.
3
Develop a retirement strategy, it is very important to fashion a well defined
retirement strategy. Transamerica Center for Retirement Studies (TCRS), noted
that in developing a retirement strategy, it is important to do the following “create a plan , In
creating a plan, consider lifestyle, living expenses, healthcare needs,
government benefits, and other factors, as well as a backup plan in case retirement
comes early due to an unforeseen circumstance
4
Know a lot about retirement investment, it is the inability for contributors
knowing about investment that often drove them to annuity. Contributors should at
one time or the other gets investment advice from their pension fund
administrators. They can do this by attending forum organized by the
various PFAs to get adequate information
on investment strategies
5
Maintain a positive attitude towards life and pension inclusive; according to
book of job what people fear most always comes to them. And according to Robert
Schuler, in his book , “the power of positive thinking “ he noted that one of the basic ingredient of success is
maintaining a positive outlook to life, believe that you will make and you will
make it, believe that you will not , and you will definitely not”
In
pension people have the erroneous believe that they will die before their
pension are paid you see them dying before that, even when their pension is
paid within 2 weeks. I have seen people that say over my dead body and you see
them dying before that.
Therefore
maintaining a positive attitude in all aspect of life is pre requisite for all
facets of life and Le Boeuf (1987:21) noted that “your world is a mirror and
your mind is a magnet what you perceived in this world is largely a reflection
of your own attitudes and beliefs. And life will give you what you attract with
your thoughts. Think, act and talk negatively and your world will likely be
negative. Think, act and talk with enthusiasm and you will attract positive
results. Finally the more a retiree has a positive mindset, the better for him.
Odunze
Reginald C
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