Image credited to google pension images
I once
asked a renowned professor of medicine, who retired from one of the prominent
university in Nigeria, about life after Retirement, and he told me that he was
surprise to received his Lump sum barely within one month. I do not intend to
mention the PFA involved because I do not want to do a soft sell advertising for the concerned
PFA.
But he
went on to say that he still pick up a contract job with the university along
side his private flourishing medical practice, continuing he stated that one of
the legacy General Olusegun Obasonjo bequeath
for the working population is the
Pension Reform Act 2004 now Pension Reform Act 2014. And so if your retired
professor of medicine, a visiting professor to college of medicine in a
university in West Indies, and a medical director of a private could not retire,
it all means a lot working after retirement.
In our
discussion, we shall be more interested on the issue of life after retirement,
rather than on the legacy of the pension reform act, that will better for
another day.
And according
to Walter Updegrave in an article captioned “ Three Little mistakes that can sink your
retirement, which appeared in Yahoo
Finance it states that “It’s almost become a cliché. Virtually every survey
asking pre-retirees what they plan to do in retirement shows that the
overwhelming majority plan to work.
Indeed, a recent Merrill
Lynch survey found that nearly three out of four people over 50
said their ideal retirement would include working. Which is fine. Staying
connected to the work world in some way can not only offer financial benefits,
it can also keep retirees more active and socially engaged”
But what
account for people not retiring at the point of their retirement, there are so
many factors why people do not retire, and they are as follow:
Doing what
they love most
Not saving
enough
The desire of
the organization, they working for not willing to let them go because of their
dedication, experience and technical knowhow.
The inability
of the organization to find a suitable successor
Medical
reason
Not able to
have a house after retirement
Working
after a retirement has been found to be socially acceptable and also provides
additional finance during old age, but old age comes with different ailment and
a rising cost of medical bills. But will working during retirement aggravate
the medical condition of retirees? Medical Analyst are of the view that working
during age tend to reduce the instances
of old age diseases as most retirees
have issue of medical problems while staying idle.
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