Nigerians have been tasked to make adequate plans to avoid unnecessary financial stress after retirement from paid employment, especially at old age.
The Vice-Chancellor of Joseph Ayo Babalola University (JABU), Prof. Kola Sonaike, made the appeal during the 12th Convocation Lecture of the university, titled ‘Removing the Crises of Retirement in the New Millennium.’
Sonaike noted that people who fail to make adequate savings or create sources of income to sustain themselves after retiring from active service in the public or private sectors always face a lot of predicaments.
He listed the causes of such failure to include having one stream of income, lack of savings and investment, acquisition of liabilities instead of assets, inflation, lack of financial education and impromptu retirement, amongst others.
Sonaike said: “These crises have forced many households to significantly reduce their standard of living after retirement, making them rely on families, friends, charities and the government for financial support for them to meet their needs.
“These retirement crises have also resulted in ill health and even death of some retirees and their dependents due to inability to afford the cost of medical care.”
The vice chancellor noted that the challenge was getting worse among younger generations, saying there was a dire need for all hands to be on deck to find a lasting solution to the social menace.
The Guest Lecturer, Prof. Olakunle Ogunbameru, from the Department of Sociology and Gerontology, Osun State University, emphasised that the matter was a sociological issue that requires urgent attention and solution.
“Longevity of life is good news but it has its unfriendly side if adequate plans are not made to handle the situation.
“Many Nigerians from my empirical studies have not taken the necessary steps to prepare for this retirement phase of life,” Ogunbameru said.
He blamed the lack of retirement planning among Nigerian workers on wrong beliefs, laxity, laziness, apathy, fear of failure, loneliness, ill health and loss of fitness.
He urged Nigerians to make conscientious efforts to overcome the fear of retirement, imploring them to step up on their financial, health, emotional, residence, insurance and spiritual plans.
He also appealed to the government to address the sufferings of retirees in the country, saying: “The world is ageing and life expectancy is also rising in Nigeria. It is encouraging news that retirees are living longer than in the past. But I want to realise that old age is also characterised by the emergence of several complex health states commonly called geriatric syndromes.”
