Whenever we're talking about retirement and how life is going to be in years to come, I think it's high time that we start to put plans in place when we are in our 30s and 40s. While you are still working,g there should still be a mindset in you that a day is coming that you will not be working, and if what you are doing is a daily job, you should start to factor the future into it.
That is what comes after here. It is a very bad thing to grow older without having the thought of your retirement in place. So people who have plans for it are the ones who enjoy their future.
So Then the government in so many countries have made retirements to be very easy in such a way that A particular portion of your salary is withheld and kept into retirement posts So at the end of your retirement you collect the entire money all in total but now let's say One or two things happen Because we have heard stories of big corporations In developed nations even in underdeveloped nations this happens where People keep a particular amount of their money in a particular pension fund or insurance fund whatsoever then that company falls off Taking away their entire retirement plan Many of the people who are victim of this.
Don't get to live long because of the depression and the high blood pressure that comes with losing your life savings. It's not child's play, and it's not something that you can wish on your enemy.
It's not a matter of if a country has a retirement plan for citizens Every government job in every good nations has That involves my country Nigeria. So By the fact that they take a percentage of that money to keep as retirement this means that When you retire you collect it back The ideology is that any money that you're earning today is not for your living now Some of it is needed to pay for your future afterwards of today In Nigeria, there are contributory pension scheme Which is regulated by national pension commission, which is known as PENCON And underneath this.
All government employees contribute to their retirement savings, and this money is regulated throughout.t So, at the same time, we should understand that having a pension scheme does not mean that your future is set; anything can happen.
A pension can give you that kind of level of security, but the amount available might not cover everything a person needs.s We have to factor in inflation too whenever we're thinking about a pension But my major concern is for people who are self-employed in the freelancer people that are running small businesses If your income like mine depends on finding clients and completing projects Then if you are not in the scheme of retirement plan at all.
You have to go and find something that you have to do that will pay you off for the rest of your life. People have often asked if retirement income should be lower than or equal to basic salary.
It cannot be equal to basic salary. You know why? Because a percentage of basic salary was kept during active days, so you need to multiply that by a good amount before you can get that salary back as a pension. Everyone will have preferred their retirements to be of the same amount, but as it is,s it doesn't just work that way.
So the best thing is, when you have the energy,y take on as many projects as possible, learn new skills, Change jobs, start a side business. When money becomes very tight, retirement is supposed to give us more freedom, more time to raise. It should be a time when you don't go into stressful work anymore.
So it is believed that retirement consume less expenses And now your children that you have used the money during your working days to raise have become better So it is expected that they too should send something home which is to you the father or the mother in any case it might be The next thing to think about is Is the pension money up to my salary then Even if it's not up to my salary can it cover the basic needs that I Need When I have retired I know that by the time I retired i'm going to Need less things but the more cogent and basic one can't my retire fund Cover it.
So that leads me to three different Things I want to point out, which are: as much as possible, you should build earning power. While you are still active, in every way, build it heavily. Then save consistently.
Then have a long-term investment.t Another one is to make sure that you build your income beyond your active work. Then always prepare for health care and emergencies.y It is by doing this that your future self is going to thank you very much
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