Life After Retirement

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LIFE IN RETIREMENT

A PAPER PRESENTED BY

GBOLAHAN I. OYEGOKE (PRINCE)
B. Sc. (Ed.)Econs., MBA (Mktng.) ABR, ACTI, ACA

HEAD OF PRACTICE
Gbolahan Oyegoke & Co
Chartered Accountants

AT THE

POST RETIREMENT SEMINAR

ORGANISED BY
T. A. AMUSSAH & SONS LIMITED
(CONTRACTOR TO CHEVRON NIGERIA LIMITED)

DECEMBER 6, 2006

PREAMBLE
Retirement simply refers to the fact of stopping work because you have reached particular age or set criteria. Such criteria may be health, performance at work, conduct, options, takeover etc. Retirement can be delightful or devastating… a dream come true or a dreadful nightmare. It depends on how one prepares for it.

In Nigeria, the private sectors have a relatively better reputation for taking seriously their obligations to retiring and disengaging employees through the prompt payments of severance benefits and gratuities. Happily and commendably, the uncertainties, poor-record keeping, frustration and trauma which are common feature of pensions and terminal gratuity payments in the public service continues to be very minimal in the private sector.

However, after putting 40 – 45 years of ones productive age in service of one company or the other, a research finding revealed the following: |Situation/Position at 65 years and above |Rating | |Very rich |1% | |Financially independent |4% | |Struggling to survive |5% | |Died in Service |36% | |Dependent |54% | |Total |100% |

This trend could be traced to failure or deficiency in human capital development of many organizations. Corporate organizations often spend huge sum of money on capacity building that will benefit their business while neglecting the need for empowerment for “life after retirement” of their employees. In other words, corporate organization does not prepare their employees for retirement, from commencement or date of employment. Until very recently, post-retirement education was considered as personal issue of the retiring individual. There is a need for change towards this attitude as retirement or disengagement (forced or voluntary) is REAL.

CHARACTERISTICS OF EMPLOYMENT
• You are always in financial need and this makes you depend on and look forward to your salary. • You are under constant threat and fear of losing your job or being desolate. • Prior to your retirement, you would have invested the most profitable prime time of your life in employment for a “take home”. • Often, you are in a company of over 90% of other employees returning to the work they hate to go to, and to see faces they are not too comfortable to put up with. • You are compelled to live in a vicinity and neighbourhood you wouldn’t have chose to live in as your employment location has always determined where you live – if you will not be late to work. • Your employer determines your leisure time and how to spend it. As a necessity, they must approve your leave/vacation time. They determine when you leave home, when you get back home, when you wake up and when you go to bed. In some cases, they determine when you procreate. • Employment hardly makes your rich and your employer is not responsible for making you rich anyway. • What you get paid as retirement benefits hardly cover your living expenses at old age. Most of the time, we allow our employers to plan (when and how) for our retirement. • Most importantly, your capacity to earn declines...
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