It is the desire of every worker to retire someday and enjoy the fruits of years of labour in employment. Many countries all over the world are concerned about taking care of retirees, many of whom are ushered into the last threshold of life after work life. In Nigeria, the Pension Act of 2004 and subsequently the reform of Act of 2014 was intent to ensure that no worker, whether from the public or private sectors is miserable in retirement, and baring occasional challenges the law seem to have brought in an array of hope for workers who are also made to consciously contribute a part of their compulsory monthly deductions to a Pension Fund Administrator (PFA,) while the employer also fulfills its own statutory remittances at the same time.
But, however, savoury the intentions to give succor to the worker in retirement, he or she has a critical role to play in making his retirement robust. Regrettably, many workers end up in mystery simply because they mind less those seemingly inconsequential habits and attitudes that make for good retirement life or otherwise, as the case may be.
Some of these proverbial “little foxes” are worthy of being highlighted here:
Indulgencies and Bad Habits: Lose life style and indulgencies during active work life may hamper good retirement life. In often cases some workers over indulge in habits such as excessive drinking, smoking and womanizing which turns out to be expensive habits when attempts are made to count the cost. Aside from posing health challenges at the end of the day, those who indulge in such pleasures would soon discover how difficult it is to cope with sustenance of the habits with dwindling income in retirement. Some retirees become miserable when they are deluded that their earning power will always remain for ever. This is not usually so. Sustaining a life of reveling may be difficult after retirement. It would only take little time to wipe off life savings if any attempt is made to sustain this hedonistic lifestyles.
Unbridled Socializing: To everything there must be moderation. Regrettably, many workers need to be counseled on the need to minimize their appetite for socialization, especially in form of partying and reveling. They must learn to take care of the “owambe party spirit” while still actively in employment. Aside from the unjustifiable waste of time spent partying from one weekend to another, the financial resources expended on party needful such as “aso-ebi”, food and so on, must be curtailed. While it may be easier sustaining the habits during active work life, it could constitute serious financial drain in retirement, leading ultimately to a miserable life in retirement. A story was told of a top Civil Servant who in service joined several ivy lee social clubs in Abuja, requiring him to pay a fortuneas annual subscription to maintain his membership. In retirement, with shrinking financial resources, fulfilling the obligation became difficult as he had to continually draw from his life savings with the attendant negative consequences. This reeks of bad financial planning and it must be avoided even while in active service.
Pride and not touching base: A philosopher once admonished everyone to be mindful of the way and people they meet while ascending the ladder of life as they may meet the same set of people when coming down. As much as pressure of work and lifestyle permits, every worker, particularly in the Nigerian traditional setting must endeavor not to live about the community that threw them up in the first place. It is good wisdom to maintain good relationship with friends, old school mates and peers in the community, as they could become the best of companions in retirement. Money may at some point lack the ability to give emotional succuour that comes from good friendship and social bonds. In retirement, a heathy social bond is a good antidote to loneliness and attendant emotional distress.
Negligence of family and Health: One of the crystal balls that every one’s eyes must diligently watch during work-life is the family. A job could be lost and you would most probably gain another one, but when a family is lost, replacement becomes difficult or impossible. As we live in a world that foists occupational pressure on workers, there is the need to create time out of busy schedules to strengthen family cohesion. Many people have retired with good severance benefits in cash only to be shattered by family troubles. Conversely, a retiree with robust family relationship would have a safety nest and succor at old age. When job leaves you or you leave your job, ensure that your wife or husband and the children are there waiting for you. The biblical law of sowing and reaping has a way of catching up with every mortal.
I must also note that all who want to retire well must take care of their health while working. Every worker must see to it that they imbibe wellness culture and watch what they eat and drink. Dieticians would say, what you eat is you! Many have become weak or vegetated later in retirement because of what they had “garbaged” into their lives earlier and no amount of money in retirement could remedy it. Many suffer from terminal ailments gulping fortunes simply because of avoidable unhealthy habits that cultivate while still younger. What you throw to life is what life ultimately throws back at you!
In conclusion, it could be said that most counseling on healthy retirement has often been skewed towards financial planning, with little focus on the non-financial preparations, which if weighed well, is more germane that the former. Everyone needs a blend of perfect emotional, psychological and social balance to enjoy life in retirement and all workers must continually fix their gaze on these crystal balls, rather than allow them to roll away and rue their work life at the end of it all.
Tope Daramola
Adaramola is assistant executive secretary, Nigerian Council of Registered Insurance Brokers
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