FCMB Group now holds the majority shares of AIICO Pensions

 

The deal that increased the FCMB Group’s stake in AIICO Pensions Managers Limited to 60% has now been completed, according to AIICO Pensions, as regulator approvals are now in place.

The merger of 33.9 percent of the shares held by AIICO Insurance (the former parent company) and 26.1 percent of those held by other stockholders means that “AIICO Pensions ceases to be a subsidiary of AIICO Insurance and has now become an indirect subsidiary of FCMB Group Plc,” the pension manager stated in a note to the Nigerian Exchange Limited.

In an effort to expand its pension unit, Lagos-based FCMB Group approached AIICO’s underwriter for 70% ownership in the company, but the latter only agreed to part with a small portion.

According to the Nigerian Pension Commission, which approved the merger, a name change combining AIICO Pensions and FCMB Pensions into a single operation is likely to be announced soon.

In a policy document issued in September 2015, the pension office stated that “no individual, group of individuals, or company shall have direct or indirect ownership/shareholding of 5% or more in more than one licensed Pension Fund Operator.”

Source: PremiumTimes

10 Best States to Retire to in the U.S. By Jamie Greyson

 

Photo Courtesy: EyesWideOpen/Getty Images

While beach-filled states like Florida immediately come to mind when one thinks of retirement, there are plenty of other factors to consider outside of warm weather and proximity to golf courses. For example, while states like California and New York have laws that can make it tricky to live on a fixed income, states without income tax — or with exemptions for senior Americans — make the day-to-day much less stressful. To help you out, we’ve rounded up the best of the best states for retirees, from sea to shining sea.

Arizona

If you’ve spent your entire life enduring freezing cold winters, Arizona can be a welcome respite. While there are a few places in the state that receive a fair amount of snow, such as Flagstaff and Williams, much of the state averages only a couple inches per year — or none at all. Of course, you’ll still want to invest in air conditioning: Temperatures in summer often range between 90 and 120 degrees Fahrenheit. In fact, the most difficult decision might just be picking where in the state you want to live.

Photo Courtesy: Kent Nishimura/Los Angeles Times/Getty Images

There’s the country’s very first planned retirement community, Sun City, which is located just outside Phoenix, and another popular choice, Scottsdale, which has one of the highest percentages of people over 65 in the country. For retirees who want to enjoy the great outdoors, the state’s desert climate allows for year-round golfing and plenty of opportunities to explore national parks and monuments, including the Grand Canyon and the Red Rocks near Sedona. Unfortunately for folks on a fixed income, Arizona does collect income tax, but at 2.59 to 4.50%, the rate is still fairly low compared to much of the country — and the same goes for property taxes. Sales tax, however, is a whole different ball game and ranges between 5.60 and 11.20%, making Arizona the 11th highest state for sales tax.

Florida

Sure, Florida might seem like the most obvious pick, but it continually makes our list for two major reasons. First, the state boasts incredible beaches and beautiful weather year-round — perfect for those who like to sunbathe, sip mojitos and swim. The second major factor that makes Florida so desirable is that the state has no income or estate taxes, making it a prime destination for folks over 65 who are living on a fixed income. Plus, of the top 10 cities in the U.S. with the largest percentages of folks over 65, eight of them are in the Sunshine State, so you’ll be in good company.

Photo Courtesy: Jeffrey Greenberg/Education Images/Universal Images Group/Getty Images

Of course, like every state on our list, there are some drawbacks to retiring in Florida. The weather is mostly gorgeous, but short-yet-frequent thunderstorms and flood-causing hurricanes are fairly common events, which, in addition to being stressful, can also increase your insurance rates. Another deterrent? The wildlife, which ranges from the state’s native alligators to invasive species like boa constrictors and golf course-loving capybaras. Nevertheless, the state’s iconic Florida Keys, ever-bustling Miami and Orlando metropolitan areas, and myriad golf courses — when combined with all those senior benefits — continue to make it a popular destination for retirees.

Colorado

If you’re looking to retire to an alpine wonderland, Colorado is ideal. For those who love living close to nature, Colorado’s proximity to incredible mountain ranges and national parks can’t be beat. The state also ranks highly in life expectancy thanks to its quality preventative care and healthy living environment. The only drawback? Colorado’s cost of living isn’t as heavenly as the natural splendor.

Photo Courtesy: Joe Sohm/Visions of America/Getty Images

While smaller towns are less expensive than big-name ones like Boulder, it’s definitely not the easiest on the wallet of all the options on our list. Interestingly, Colorado’s tax benefits are fairly unique: Instead of taxing retirement income in the way earned income would be taxed, Colorado uses a "pension/annuity subtraction" model, which means that qualifying pensions and annuities are excluded up to $20,000 for adults ages 55 to 64 and $24,000 for anyone 65 or older. On top of that, there’s also a 50% homestead exemption on primary residences, so long as you’ve lived in Colorado for 10 years or more. Needless to say, there’s no better time than the present to look into retirement in the Centennial State.

South Carolina

While South Carolina may be best known for its vacation-friendly beaches, golf courses and historic sites, it’s also a hotspot for retirees, partially because folks visit and fall in love with the state. According to South Carolina’s official tourism website, roughly 110,000 people made the Palmetto State their permanent residence in 2017 and, of those new residents, approximately two-thirds were over the age of 50. Without a doubt, one of the state’s biggest draws is the climate. Sure, South Carolina’s sunny weather means endless golfing opportunities, but it also means boating, hiking, tennis and other outdoor activities on a near year-round basis.

Photo Courtesy: Michael Ciaglo/Getty Images

Additionally, quality of life and healthcare have also received top marks, with retirees citing the state’s relative affordability due in large part to the fact that South Carolina doesn’t tax Social Security benefits — and because the state provides a generous retirement-income deduction when calculating state income tax. In addition to coastal favorites like Myrtle Beach, Charleston, Mt. Pleasant and Hilton Head Island, South Carolina also boasts great retiree communities throughout the Midlands since the area benefits from being in close proximity to Columbia, the state capital. The flexibility of living near a college town or city means that folks can enjoy their solace while also benefiting from easy access to the entertainment events and activities that crop up in these younger spots.

South Dakota

We can all agree that warm weather is great, but it’s by no means the only thing to look for when choosing a retirement spot. Although South Dakota lacks warm beaches, it does boast a

Photo Courtesy: Kerem Yucel/Getty Images

lack of income tax, an affordable cost of living and a booming economy. Admittedly, the state’s weather can get intense, with hot summers and cold winters — not to mention, the southeastern portion of South Dakota doubles as the upper end of Tornado Alley due to the lack of mountains and trees in the area.

Still, it isn’t all flat roads and remote farmland. South Dakota teems with beautiful scenery and national parks that are perfect for hunting and fishing enthusiasts as well as runners, cyclists and hikers. And, thanks to the state’s robust telehealth system, healthcare isn’t an issue, even if you are living way out there. If you’re more into small-town living, we recommend Sioux Falls, which combines the best of the Dakotas’ natural beauty with the amenities of a more populous area.

Utah

Utah might not be on many people’s radar as a place to retire, but that should change. With deserts in the south and mountainous forests in the north, Utah has something for sun and snow lovers alike. Not to mention, the Beehive State actually boasts more national parks than any other state outside of Alaska and California. From Monument Valley to the Great Salt Lake, there’s no shortage of natural splendor — or ski resorts — making Utah perfect for folks who want a more active lifestyle even in retirement.

Photo Courtesy: Daniel SLIM/AFP/Getty Images

Southern cities like Moab and St. George are best for retirees who are done with snow and its related perils, while Ogden and Logan make wonderful destinations for retirees eager to hit the slopes. If you want a (somewhat) big-city experience with easy access to air travel and other amenities, look into Salt Lake City, the state’s capital. With a 5% state income tax and fairly middle-of-the-road taxes outside of that, Utah is also more affordable than some of the other outdoors-minded gems on our list. However, it’s also one of just 14 states that taxes Social Security income, and the average cost of living is slightly higher than the national average, which means there are definitely some pros and cons to consider before moving to Utah.

Nevada

If finding a tax-friendly retirement spot is at the top of your "needs" list, then Nevada might just be the place for you. With no state taxes on income or Social Security benefits, it’s kind of perfect for folks who are living on a fixed income. As an added bonus for you and your wallet, withdrawals from retirement accounts and pension income also aren’t taxed, which means your retirement lifestyle might look a bit more comfortable — or, you know, Las Vegas’ casinos might look a tad more appealing.

Photo Courtesy: Ethan Miller/Getty Images

While your finances might benefit from a move to Nevada, it’s also important to note that the state doesn’t rank particularly high in other categories. Sure, the tax climate is favorable, but the Silver State’s actual climate isn’t as appealing as other desert-laden states, like Arizona. Even more troubling is the state’s rankings when it comes to quality of healthcare. Still, there’s something to be said for the affordability and, depending upon where you settle, proximity to Vegas and vacation-worthy states like California and Arizona.

New Hampshire

Picture this: a retirement that includes a delightful mix of cool summer nights by a bonfire, crisp autumn days spent leaf-peeping and cozy winters spent sipping hot cocoa. You can have all that by retiring to New Hampshire, a small state with a lot to offer. In fact, its size is one of its perks because, no matter where you settle down, you’ll never be far from mountains, lakes and the state’s biggest towns, like Manchester, Keene and Concord. Even Boston, Massachusetts, isn’t all that far from the Granite State.

Photo Courtesy: Tim Graham/Getty Images

Of course, it isn’t all sunshine and rainbows in New Hampshire. In January, the temps can drop to 10 degrees Fahrenheit — or colder — and it stays pretty chilly through March. While snow can be great for winter sports, you’ll have to contend with at least a few feet a year, so if you hate shoveling and slick roads New Hampshire might not be for you. On the other hand, the state doesn’t collect personal income taxes, so you can enjoy your Social Security benefits tax-free. Better yet, New Hampshire doesn’t levy a sales tax, so while the property taxes and cost of living might be a tad higher than average, you’ll save in other ways.

Wyoming

Similar to South Dakota, Wyoming offers a mix of majestic mountains and wide plains as well as easy living. With famed national parks and monuments like Grand Teton and Yellowstone not far away, you’ll be able to embark on some pretty memorable hikes if an active retirement sounds right up your alley. Of course, if you’re trying to get away from friends, family and everyone else, Wyoming can help with that, too — after all, it’s the least populous state in the entire country.

Photo Courtesy: Allison Achauer/Getty Images

While the weather in Wyoming can be intense, the snow isn’t as bad as you might expect on the plains. However, if you can deal with the whiplash of hot summers and freezing winters, being a Wyoming resident has some serious financial benefits. For example, Wyoming boasts an appealing combination of low property taxes, great healthcare, cheap real estate prices and absolutely no state income tax. So, if you’re looking for a quieter retirement — with an affordable cost of living — it may be worth weathering the Cowboy State.

Iowa

When it comes to listing out retirement options, Iowa probably isn’t the first state that comes to mind, but, surprisingly, it is a great choice for folks who want to enjoy a comfortable quality of life and easy access to recreational and cultural activities. In general, Iowa has a low cost of living, but, for retirees, there’s also a $6,000 tax deduction available to those 55 and older. And while Iowa doesn’t count Social Security as income, the state does collect personal income tax, which can run as high as nearly 9%.

Photo Courtesy: Education Images/Getty Images

So, what are the Hawkeye State’s drawbacks? Even though Iowa receives a modest amount of snowfall, it still boasts icy winters and hot, humid summers. Moreover, for folks accustomed to a more cosmopolitan environment, Iowa might feel a bit sleepy. Of course, there’s nothing wrong with some peace and quiet, especially when the state offers plenty of recreational activities — hiking, fishing, golfing — as well as volunteer opportunities, so long as you're willing to travel a bit.

Culled from Reference.com

Creating a Happy Retirement- Odunze Reginald C

 

Image credited to Daily Express

Can a retiree  have a happy retirement?  In a world filled with mystery,killings, and all social vices, will there be a happy retirement.

Happy retirement means a lot to different people , and how they view happiness.

Dona Rosato in her article captioned “5 Secrets to a Happy Retirement” noted that Towers Watson happiness survey found that retirees who rely mostly on investments had the highest financial anxiety. Almost a third of retirees who get less than 25% of their income from a pension or annuity were worried about their financial future; of those who receive 50% or more of their income from such a predictable source, just under a quarter expressed the same anxiety”

Continuing Rosato noted that “More money makes you happier. Once you amass a comfortable nest egg, though, the effect weakens, says financial planner Wes Moss. For his recent book, You Can Retire Sooner Than You Think: The 5 Money Secrets of the Happiest Retirees, Moss surveyed 1,400 retirees in 46 states. The happiest ones had the highest net worths, but Moss found that money’s power to boost your mood diminished after $550,000”

So how do you make the best out of retirement?   Maintain a positive attitude towards life and pension inclusive; according to the book of Job in the Holy Bible "what people fear most always comes to them". And according to Robert Schuler, in his book , “the power of positive thinking “ he noted that  one of the basic ingredient of success is maintaining a positive outlook to life, believe that you will make it and you will definitely make it, believe that you will not , and you will definitely not”

Therefore maintaining a positive attitude in all aspect of life is a pre requisite for all facets of life and Le Boeuf (1987 :21) noted that “your world is a mirror and your mind is a magnet what you perceived in this world is largely  a reflection of your own attitudes and beliefs. And life will give you what you attract with your thoughts. Think, act and talk negatively and your world will likely be negative. Think, act and talk with enthusiasm and you will attract positive results”.

According to an article in Yahoo Finance captioned “7 ways to Retire happy” Mandi Woodruff opined that  In a new book, "You can Retire sooner than you Thinks", Atlanta-based investment advisor Wes Moss offers an alternative to the traditional line of thinking. Rather than focus on a dollar amount to reach for, Moss decided to figure out what retirees needed to be truly happy in retirement”
“I wanted to go beyond simple income numbers,” Moss says. “I wondered what it really takes to get somebody to a point where they truly feel they have a cushion and they are also enjoying life.”
“In 2012, Moss conducted an online survey of more than 1,200 workers who had either already retired or were fewer than 10 years away from retirement. He asked them questions about what type of cars they drove, where they shopped, how much their homes were worth, and, of course, how much they had saved for retirement. But he also asked about their passion projects, how often they went on vacation, what types of volunteering they enjoyed, whether or not they were satisfied with their lives, and how much time they put into their retirement planning before calling it quits. (Moss did not ask participants about overall debt levels like student loans and credit cards, but did include questions about their mortgage debt).”
What he found was that more money doesn’t equate to more happiness. The happiest retirees didn’t all drive BMWs or take 12 European cruises a year, either.”

That brings us back to the important idea about what gives happiness, happiness is within, it’s a product of contentment, feel contented about what you have, you will discover that you will be happy, feel otherwise, you will discover that you will be sad, all the days of your life.  As Dolly Paton noted in her song “Coat of many colors”, that she was as rich as she could be in her coat of many colors” and she tries to make people  to understand” linked to contentment is happy married life.

The more a retiree stay connected to a happy love life, the better for him. In a research carried out in the United States has it that people tend to be happy when they are married than when they are not. And as they say that divorce is more devastating; coupled with the financial implications and the legal battle that comes with it. It went on to say that people are more likely to commit suicide when they are disconnected with their love life or life partner.  But I will also add that men are likely also  to commit murder when they are disconnected from their love life and the emotional torture of such act can also drive them to take their own lives.  A horrifying story is “ Zola ‘s Therese Racquin, where the couple Therese and Laurent who had murdered Therese’s first husband so that they could come together, become so consumed by guilt and remorse at the act that their relationship is utterly poisoned by hatred and they decided to murder each other” Sweeney ( 1979:31)

 And according to Eileen Sweeney ( op cited) in her book titled “Another country” Sweeney noted that “marriage was something more rounded than mere infatuation, and once a man had built his home, things were different with him. He must still need his home and would never be the same without it”

But does it relate to Africa, where men are more likely to marry more than one wives. But archival Europe’s observed that men are more likely to commit suicide than women, as they have unwritten maxim 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. But I am seeing it from the view that men are more pressed with financial problems than women as the social mobility of a woman is a straight line graph and the social mobility of a man is undulating graph depicting the full structure of a normal curve.

 What then is the most vital ingredient that ushers in happiness, to me is a robust relationship with God, as experience has shown that those who are in tune with God , the creator are more likely to be more happier than others. This is in agreement with Robert Louise Stevenson who stated “that true happiness consists not in knowledge of good things but in good life, not in understanding but in living understandingly, neither is it great learning but goodwill that joins men to God.

And as Awolowo noted in his book “Path to Freedom”, which he authored while in Calabar prison, he noted that, a big car, a big house, designers clothes are all vanity, what men needed is God’s happiness.

Odunze Reginald C

YOUR RETIREMENT MAY NOT BE FARFETCHED- ODUNZE REGINALD C

 

 Image credited to Royal free pension

   Planning when not put in place is  often devastating  and according Elizabeth Garone in an article captioned “From doorman to boardroom”  she noted that “this should be a mandatory business skill — no matter what the career stage. “When technology, economics, and politics change as often as Facebook profiles, being president of a company or a country is a lot like being a tour guide who doesn't know exactly where he’s going,”  if planning is not followed and adhered to. BBC capital rightly opined  It’s never too late to start planning for the next big adventure. Start now. In five years, you’ll thank us.

And one of the basic issues of life that required planning is Retirement. As Retirement may come sooner than you expected . In 1999, when the former president  of Nigeria , General Olusegun Obasonjo introduced, downsizing,  and rightsizing,  many civil servants were taken unaware, till today, they have not recovered from it. And that brings to Retire to retirement planning.

     According to an article in Yahoo Finance captioned “7 ways to Retire happy” Mandi Woodruff opined that  In a new book, “You Can Retire Sooner Than You Think,” Atlanta-based investment advisor Wes Moss, offers an alternative to the traditional line of thinking. Rather than focus on a dollar amount to reach for, Moss decided to figure out what retirees needed to be truly happy in retirement”
“I wanted to go beyond simple income numbers,” Moss says. “I wondered what it really takes to get somebody to a point where they truly feel they have a cushion and they are also enjoying life.”
“In 2012, Moss conducted an online survey of more than 1,200 workers who had either already retired or were fewer than 10 years away from retirement. He asked them questions about what type of cars they drove, where they shopped, how much their homes were worth, and, of course, how much they had saved for retirement. But he also asked about their passion projects, how often they went on vacation, what types of volunteering they enjoyed, whether or not they were satisfied with their lives, and how much time they put into their retirement planning before cal ling it quits. (Moss did not ask participants about overall debt levels like student loans and credit cards, but did include questions about their mortgage debt).
What he found was that more money doesn’t equate to more happiness. The happiest retirees didn’t all drive BMWs or take 12 European cruises a year, either.”

   

     Of all retirement strategies, retirement planning  is often considered the best and the most cumbersome and according to BBC capital, We all have goals. Perhaps it’s to buy your first home. Or to travel the world. Or to leave corporate life for your own company. Or to send a child to university abroad.
Some of these goals take decades of planning, but many can be managed within just five years. That’s right — with smart thinking and planning you can launch the next phase of your life in less than a decade. 

    

     Why retirement planning  is very technical, is that any phase that has passed is irreversible and so staying motivated is the key to a safe retirement planning, and as the millennial are better positioned for effective retirement planning, the rest of us may not have such a privilege. It therefore behooves on us to strategize and a plan for our retirement right from the time, we secured a job.