Reasons why your wife may live longer than you- Odunze Reginald C

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The pension reform act under section 4 subsection c of the 2004 PRA states that a lump sum to the balance standing to the credit of his retirement savings account: provided that the amount left after that lump sum withdrawal shall be sufficient to procure an annuity or fund programmed withdrawals that will produce an amount not less than 50 per cent of his annual remuneration as at the date of his retirement.

 And in section 7 subsection 1 paragraph a of the PRA 2014 states that withdrawal of a lump sum from the total amount credited to his retirement savings account provided that the amount left after the lump sum withdrawal shall be sufficient to procure a programmed fund withdrawals or annuity for life in accordance with extant guidelines issued by the commission from time to time.

And in arriving at the payment of lump sum to retirees, four factors determine the size of the lump sum, and they are follows: Sex, age, Final salary and RSA balance.

The application that PFAs are using for pension has the principle that women live longer  than men , I do not know how they arrived at that but I do know that there are more widows than widowers in my village. In an article by Forbes, titled 15 Richest women in the world, about 13 of them inherited their wealth from their husbands who are now late. And when I did a pilot with National Population Commission, some years ago we also discovered that there are more widows than widowers, it all means that Chile Application which Pencom is using is indirectly right. Because by either the inductive and deductive analysis in statistical research , analyst have come to that conclusion. But events surrounding women living longer than men as a normal application in social statistics indicates that the social mobility of a woman is a straight line graph and that of a man is an undulating plane. But the hustle of life and the stress of making it in life have come to reduce the life expectancy of men.

But what this indicates is that generally women with the same  bio data , salary structure with a man and retiring at the same time will definitely get a lower lump sum and a lower pension salary than her male colleagues.

According to recent research by Forbes titled 20 richest women in the world, indicates that 75 percent of them inherited their wealth from their deceased husband. But in this research, we are more interested on the factors that account for women living longer than men, so why then do women live longer than men.

Women emotional built up and how they are created-Women are more balanced in life, they are less stressed. Women are emotionally intelligent than men, they can psyche up emotions within the slightest provocation. In fact it has been proved that men are more likely to commit suicide than women, in fact there is unwritten maxim that” it is only a disappointed man that hang himself on a tree,  a disappointed woman do not hang herself on a tree but on the neck of the nearest man”.

Habit: Men are believed to have such habit as drinking , smoking and womanizing, these are harmful habits that reduces somebody’s life expectancy.

The danger of marrying new wives.

The danger of marrying new wives during retirement leads to the following:

Alienates the first wife and set aside the existing will as the law of interstate states that marrying new wife set aside the existing will. It also brings collusion between family members, and at the centre of such issues is the man. There is also the pressure of meeting up with financial and emotional needs of the new partner, and the extreme part is meeting the sexual needs of a teenager wife  have driven most men to a point of taking sexual enhancing drugs, and these drugs increases the risk of high blood pressures , hypertension and even stroke.

In an article in Yahoo Finance captioned “7 ways to Retire happy” Mandi Woodruff observed that “Happy retirees are more likely to be married” As common as divorce is in the U.S. today, the overwhelming majority of happy retirees were married (76%) and only 9% were divorced. Less than half of unhappy retirees were married, while one-quarter were divorced, Wes Moss found. This is right on par with what past research has shown about levels of satisfaction in married and unmarried people — over the long term, married couples are much happier. It’s fairly obvious why two may be better than one in this scenario — dual incomes can make a huge difference in a couple’s financial outlook. On the flip side, divorce not only reduces both parties’ income but is also expensive to go through. 

What it all means that marrying a new wife during can offer a short term happiness to retirees as the pressures and the financial implication of maintaining two families may be devastating to the retiree, it also becomes increasingly difficult if the first wife of the retiree is enlightened as the law of intestate normally set aside the will , when a second marriage is procured. What happens to a situation where the couple has entered a joint mortgage? What will be the plight of the first wife that contributed for that mortgage, what about cases where the man has children and the desire of the second wife to also have offspring of your own. Will the retiree be able to cope coupled with harsh economy realities.