By Maria Famakinwa

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Planning for retirement is as important as planning for one’s comfortability which takes time, conscious efforts, determination and sacrifice. Since there are very few certainties in life, it’s crucial for salary earners to take the necessary steps to secure their financial future. Though a herculean task, achieving retirement goals helps to maintain the desired life style in later years.

Findings revealed that a good number of retired civil servants(federal and state) find it hard to cope, especially meeting their financial needs, blaming it on government’s inability to pay their gratuities and pensions on time, which they claimed is responsible for the untimely death of many retirees.

In order to sensitize civil servants and salary earners on the importance of saving for the rainy day, The Hope spoke with some retired civil servants who are doing well without depending on their gratuities and pensions on how best salary earners can prepare for their retirement.

A 65-year-old Godwin Akpan, who retired from the federal civil service four years ago, said that he has been coping because he is into vegetable farming. His words: “I ventured into vegetable farming eight years to my retirement when I saw what my friend who was not a civil servant was making out of it. I observed that my friend who never received salary could sustain his family with the proceeds from his vegetables. I approached him and he tutored me on how to go about the business. I started immediately, and before I knew it people started patronising me. My major customers are food sellers and traders who buy and re-sell to final consumers.”

On how much he makes per day he said that it varies but the least is N8000. “There is no way vegetable farmers can run at a loss since you don’t need much money to start the business. The only thing that may pose a problem is getting a fertile land. Aside this, it is a lucrative business.

At times, buyers queue in my farm for vegetables. I am into planting different types of vegetables and I get good profits from it, especially during dry season when vegetables are scarce due to hot weather. My farm is beside a river which gives me natural irrigation.

Salary earners who are about to retire should not entertain any fear. Instead, they should think about any business they will go into that can take care of them after leaving service. Some retirees are into cassava, potato and tomato farming and are doing well. There are different businesses out there that fetch good earnings for retired civil servants including fishery. Engaging oneself in meaningful business after retirement also keep one fit and agile,” he said.

Sharing a similar sentiment, Mrs. Ayobami Olorunsola, who retired three years ago, explained that life after retirement is not easy, especially if one depends on pension and gratuity alone. “I thank God for sending a colleague to me who advised me to be saving some amount out of my salary when I had 10 more years to spend in the service. Then it was like a long time and I never took her words serious until a year later when my boss retired and gave us the same advice.

“Since then, I started saving N5000 from my salary, and after four years. I increased it to N15,000. Though it was not easy, what I did was to cut down unnecessary spending and tried as much as possible to avoid “aso-ebi”. When I finally retired in June 2016, I collected my savings and used part of it to start wine business, using the profit to care for my needs. Up till now, I have never had any reason to lack financially. Another colleague of mine who retired a year after me is surviving on  his rent. Six years to her retirement, she took a loan from the bank and cooperative and her husband did likewise to build two flats of two bedrooms aside a room and parlour they are living in. Today, that is what is sustaining them.

Civil servants should know that whether their retirement is fast approaching or decades away, it is advisable to have what they can fall back on, instead of depending on retirement benefits that many do not get till they die. After all, there are many who are not salary earners and are living well in their old age. It is wise to plan now to enjoy in the future.”

In his submission, Mr Dare Olugbemi, who retired from the state civil service 12 years ago averred that planning ahead of retirement allows retirees to be comfortable and meet their future needs. He appealed to civil servants nearing retirement age to avoid loans and debts that may be difficult to pay and reduce their monthly expenses, in order to encourage saving.

He said: “Planning ahead of your retirement can help you achieve your retirement goals and allow you to maintain the life style you want in your later years.

“Government workers should remember that it is easier to build houses when in service because they have access to loan and should utilize this golden opportunity as it will be ridiculous to spend 35 years in service with nothing to show for it. I thought of building a house three years to my retirement when I realised that I could not live inside any of my three cars. I quickly sold one, took a bank loan with the financial support of my wife to build a bungalow which is where I am living.

“I can’t imagine what would have happened if I did not struggle to build the house then. Cars that I bought then are no more and my wife also has since retired, whatever money we get from our children is to eat and take care of our health. That is why civil servants no matter the situation, must struggle to build a house while still in service. Life after retirement is unknown and can bring pain, especially when the expected gratuity and pensions are not forth coming as the case is in the country today, ” he advised.

 A business woman, Mrs Yemi Akinnowo, who retired six years ago, said that she was into business before she was employed as a federal civil servant which made it easy for her to cope after retirement. “I was into selling tailoring materials before I was lucky to get a federal employment and I continued with it even as a salary earner which also boost my business. After I retired, I had no cause to panic instead, I focused more on my business.”

 On her advice to civil servants, she said that no matter how much they earn, they must have back up plans to cater for life after retirement, rather than depending on retirement benefits. “There are many businesses that one can do to earn a living after retirement and the time is now. You can start by saving a certain amount from your salary, and before you know it, your business is on. This is better than waiting for gratuity and pensions when some states are still owing workers salaries. The economic situation of the country is even a pointer to the obvious fact that one must plan for the future. Another way to retire well, for those who are already near their retirement age, is to start saving monthly from the salary and continue till  they leave the service. The money saved can be used to start a good business with which to take care of oneself after retirement. It is advisable to plan well for our future so that we can retire well.”