Next IMF boss likely to come from outside Europe - deputy head

IMF Managing Director Christine Lagarde (R) delivers remarks at a press briefing as First Deputy David …

ATHENS (Reuters) - The next managing director of the International Monetary Fund is likely to come from outside Europe when current leader Christine Lagarde eventually leaves, the deputy head of the Washington-based fund said in an interview broadcast on Saturday.

IMF First Deputy Managing Director David Lipton told the BBC World Service the tradition by which a European heads the fund while an American leads the World Bank was coming under pressure and the next appointment would be "strictly merit-based".
Described on the same radio programme as an "incredible anachronism" by former IMF Chief Economist Kenneth Rogoff, the convention that has ensured that Europeans lead the fund has been increasingly challenged during the euro zone crisis.
Lipton said that when Lagarde steps down, her successor would probably come from a non-European country.
"With candidates coming forward from around the world, I think it's much more likely the next time around than it has ever been," he said.
"There are more and more eminently qualified people from outside Europe and the United States and I think the fact that there's been so much focus on crisis in the United States right at the early stages of the global financial crisis and with Europe, is going to lead to a sense that there has to be a broader pool for the leadership role," Lipton said.
Lagarde, a former French finance minister, took over as head of the IMF in 2011 after her predecessor, Dominique Strauss-Kahn was forced to resign over a sex scandal.
Her five-year term comes to an end next year but she was quoted last month as saying she would consider a second term if she had the support of the IMF's members.
Although there is no formal requirement that the leader of the IMF come from Europe, it has been the practice ever since the institution was set up after World War Two, while the World Bank has always been led by an American.
(Reporting by James Mackenzie; Editing by Toby Chopra)

Culled from Reuters

Retirees Get far Enjoyment out of socializing - Odunze Reginald C

 Image credited to espanational

According to Donna Rosato in an article captioned “5 secrets to a happy retirement-“noted that “Busy retirees tend to be happier. But just how active do you have to be? Moss has put a number on it. He found that the happiest retirees engage in three to four activities regularly; the least happy, only one or two. “The happy retiree group had extraordinarily busy schedules,” he says. “I call it hobbies on steroids.”

Rosato (op cited) noted that “For the biggest boost to your happiness, pick a hobby that’s social. The top pursuits of the happiest retirees include volunteering, travel, and golf; for the unhappiest, they’re reading, hunting, fishing, and writing. “The happiest people don’t do things in isolation,” says Moss.

The top pursuits of the happiest retirees are very expensive and requires huge money in financing it. Volunteering travel and golf are all expensive pursuits and requires great inputs in terms of time, planning and money.

Continuing Moss opined “that’s no surprise when you consider that people 65 and older get far more enjoyments out of socializing than younger people do.” But the cultural influence, low pension pot has adversely affected retirees in Africa and Nigeria in particular in enjoying socialization.

The whites understood that, and that is why they have old people homes, but with the recent innovation and the setting up an old people’s home in Lekki, I think that will be appreciated by most people in Lagos. I do not intend to mention or talk about it because, I do not want do a soft advert for such people, but it is a good development.

But the issues with it is that of cultural acceptance, as most people will say that abandoning your old people in old people’s home is a mark of hatred and irresponsibility, remember that a former Nigerian President, once stated that any of his children that has such idea of sending him to old people’s home will not live a better life.

Odunze Reginald is the Lead Consultant, Chareg Consulting, a social media consultant and social marketing consultant , you can visit our twitter anchor @regydunze, find us on Facebook @ Reginald odunze and reginaldodunze.com, at google+ @ Reginald Odunze and at Linkedin@reginald odunze.

Keeping Customers for Programmed withdrawal

Image credited to Telegraph

Working against the tenacity of an insurance agent is a herculean   task, my boss always say that it is difficult to beat the tenacity of an insurance agent and a Jehovah witness, that should have been a long study over a period.

In a recent per-retirement workshop in Lagos, we argued that what gives the insurance company is the fact they enjoy a mass market.

In any forum organized by National Pension Commission, Insurance companies through their agents always target retirees, but Pension Fund Administrators were at sea at what to do.

When we begin to discuss on the way forward, I told them that the problem we had with the agents is that they have a mass market, in explanation, I told them that they can walk to any customer and market their product, but for Pension Fund Administrators (PFAs) they need to ascertain if the customer in question is with the Pension Fund Administrators or not. Therefore PFAs are only opportune to talk to these customers when they walk up to your stand, identifying themselves as your customers will you able to talk to them on the advantages of choosing programmed over annuity.

So what will PFAs do in the event of these, is to continuously market the programmed withdrawal option as against the annuity option not at the point of retirement but at every encounter with any customer. There is also the urgent to reveal every necessary information  about the options, then taking time to sell the programmed withdrawal option thereafter.

There is also the need for the controlling body, National Pension Commission to effectively check the unhealthy practices of these insurance agents as noted  by one of the PFAs in a recent forum in Lagos. Reacting the National Pension Commission representative noted that they are working on that and also on setting aside a certain percentage of fund  about 5 percent , to be contributed by the players in the scheme, to take care of retirees in programmed withdrawal that exhausted their fund but are still living.

But the basic fact , insurance agents are using in selling the annuity option is the they will receive more pension monthly, therefore it becomes imperative for National Pension Commission to deliberate on the need to pay additional lump sum for customers on programmed withdrawal whose income has grown considerable that will ensure more customers on the programmed withdrawal option.

Odunze Reginald is the Lead Consultant, Chareg Consulting, a social media consultant and social marketing consultant , you can visit our twitter anchor @regydunze, find us on Facebook @ Reginald odunze and reginaldodunze.com, at google+ @ Reginald Odunze and at Linkedin@reginald odunze.

You need your family more even when you retire- Odunze Reginald

Picture credited to The Guardian

Schuller (1988:12) noted that the saddest moment he had was when he conducted a burial ceremony  as a pastor “ was a wealthy man who had no single mourner, at his funeral, his three adult sons lived in the community, but did not attend, I have never had an experience like it before , only the mortician  and I was there”

Continuing, schuller asked for an explanation, the funeral director”said all he wanted was to make more money and acquire selfish toys, he didn’t have for the children nor the wife, he had no time or money to share with the church or social charities, he hit big in the stock exchange, but he died an extremely sick and lonely man, in fact doctor say his loneliness brought about his early death”.

The above illustrations show and paint a dismal and unhappy situation, a real life situation. It all means that people do not live in isolation. People are gregarious, and naturally socially connected. The social nature starts from childhood, childhood plays, it continues in adult age during social clubs etc.

And when a man could not have the finance, and opportunity  to socialize in playing golf, travelling and the likes, it becomes important for him to have an enduring and happy family. A happy family can do a lot more in the lives of retiree, first it promotes oneness, togetherness and the ability to prolong one’s life.

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. 

And according to Sweeny, in her book “Another country” once a man builds a family, things will never be the same without it”

you can visit our twitter anchor @regydunze, find us on Facebook @ Reginald odunze and reginaldodunze.com, at google+ @ Reginald Odunze and at Linkedin@reginald odunze

WHY MOST RETIREES DIE WITHIN 5 YEARS OF THEIR RETIREMENT-Odunze Reginald C

Image credited to orelowitz.com

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”

Low pension pot, most retirees discover at the point of retirement that their pension pot may not carry them through, and the sudden realization often leads to series of heart related diseases.

Revealing their pension pot to their family members, the classic case of the retired professor at the  University of calabar is still very fresh in our minds, who was killed by his two children on realization of the father’s pension pot of 42 million Naira.

The danger of marrying new wives. The danger of marrying new wives during retirement leads to the following : It 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 will also brings collusion between family members, internal rivalry etc .

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. As this 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.

Habit: Men are believed to have such habit as drinking, smoking and womanizing, these are a harmful habit that reduces somebody’s life expectancy. This is in agreement with Obafemi Awolowo popularly  called Awo by his political admirers opined in his book “Path to Wisdom” that he attributes his success in life to three factors- the grace Of God, a Spartan self discipline and a good wife. Continuing he noted that in maintaining a Spartan self discipline, he stressed that you must avoid over eating, alcoholic indulgence and clear stay clear of the sin of the Gary Hart, namely womanizing.

Odunze Reginald is the Lead Consultant, Chareg Consulting, a social media consultant and social marketing consultant , you can visit our twitter anchor @regydunze, find us on Facebook @ Reginald odunze and reginaldodunze.com, at google+ @ Reginald Odunze and at Linkedin@reginald odunze.