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Thursday, December 8, 2022

Grey areas in retirement plans

Book : Understanding Retirement Planning
Author : Olakunle Abiona Ogunbameru
Year of Publication : 2022
Reviewer : Sunmola Olowookere

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For many Nigerian employees, the retirement period is one which is regarded with trepidation and fear. Even those who seemed to have planned well for this twilight part of their years cannot confidently approach their retirement with equanimity.

This is because it is a new phase of their lives which they have no choice but to embrace as they are inevitably eased out of active service.

The book “Understanding Retirement Planning,” by Olakunle Abiona Ogunbameru, comes gallantly to the rescue, as it offers a myriad of initiatives that will proffer solution to the challenges that may arise in this period.

The book is divided into eight chapters accompanied with a preface, forward and some bits about the author.

The author ushers readers into the world of retirement as he paints the picture of predicaments that many Nigerian retirees face after retirement in the first chapter titled “Understanding the Concepts of Retirement and Retirement Planning.

 In this chapter, he brings to the fore the three main sources of Nigerian predicaments about retirement, and elaborates further on the concepts of retirement and retirement planning, the phases of retirement, and the strategies for handling the phases of retirement.

He introduces readers to the common emotions that workers approaching retirement face, how they can overcome these negative emotions and gradually grow their confidence to fit their lives into the new status.

Chapter two highlights factors responsible for lack of retirement planning among Nigerian workers and explains the benefits associated with retirement planning, while outlining the fears of retirement and how to overcome them. In the sàme vein, he elaborates more on the risks of retirement.

The third chapter tagged: “Understanding How to Plan for Retirement, discusses the following: Starting retirement planning, navigating through retirement planning, planning retirement with confidence, ways to cut retirement cost, financial planning, retirement emotional planning, transition into retirement, and preparing for retirement.

Chapter four: Understanding Retirement Planning Among Workers in the Informal Sector, identifies the categories of workers in the informal sector.  It explains informal sector workers and social protection system, as well as emphasises the need to expand the reach of social security scope to the informal workers.

The chapter also explains the relevance of retirement, planning by informal sector workers. In addition, the chapter discusses retirement planning for two categories of workers in informal sector: farmers and artisans.

In the fifth chapter, Ogunbameru explains ways to live a healthier lifestyle in retirement. He identifies common health problems in old age, and how to manage them.

The chapter further discusses different ways to improve one’s major body organs such as brain and heart. It also analyses the merits of exercise to human beings, as well as the health benefits of eating fruits and vegetables.

Chapter Six: Understanding How Couples can live a Successful Retirement, Life, submits that retirement can lead to a stressful experience by couples if not well managed.  However, the chapter presents the different ways through which couples can negotiate enthusiastic agreement on decision making.

This will go a long way to assist couples to live peacefully in retirement.

Chapter Seven: Understanding the Importance of Writing your Will before Retirement, discusses the myths militating against the writing of will by Nigerians.

The chapter also explains the importance of writing a will and the relevant place where a will can be kept.

He pressed it home to his readers as he shared with them the various reasons why their will must be in  place while the chief of the reasons is to save their dependants from vicious extended relatives who might want to take over their estate.

The last chapter “Understanding the Tit-Bits on the Best Ways to Spend and Enjoy One’s Retirement,” explores various ways in which one can spend one’s life in retirement.

He wrote about how some approach this stage with excitement and happiness because they have prepared well for it while others do so with trepidation, fear and dread because of the uncertainty that the future portends for them due to lack of preparation.

The book is like a life compass, as it delves into various aspects of human lives that ensure that one will live a good life, especially when the strength begins to fail.

 It is recommended for everyone that desire knowledge on how to plan properly in order to avoid heartache in old age.

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