WOMEN AND RETIREMENT: HOW DO I RETIRE SEAMLESSLY?

Hello,

60 is the retirement age of Nigeria's workforce. There have been arguments for the adoption of a new retirement age. Some make a case for the adoption of 65years and some others 55years, whatever happens, one thing is certain we will not work at our jobs forever.

It is very important to clear the misconception that a lot of people hold. They believe all that matters is proper planning for the moment when retire and get a lump sum called gratuity, only then they try to start the business of their dreams. The problem with this is that they may spend their gratuity learning the business of their chosen fields through common beginner mistakes.

After retirement, there is usually a lot to deal with, both mentally, physically and emotionally. Your relationships also change, sometimes your colleagues at work who seemed to always have time to spend with you or subordinates who seemed very loyal to you (jumping to your side whenever you coughed) will get on with their lives. Some may feel as though their immediate family cannot wait to have a conversation with them (In my dad's case, before retirement he was busy so we literally just called to greet or ask for money. I can't remember our phone conversations lasting more than one minute and a few seconds but after retirement he had a lot more time, wanted to discuss more).

There is also a lot of people who want to convince you that their investment option is the best, even fraudsters badgering you hoping to dupe you of your funds.

As a woman, the family responsibilities do not give you a break in recognition of the new phase of life you have arrived at, so the best bet is to stage your retirement so you transit seamlessly. A good way will be to begin preparations at least 5 to 10 years earlier.

• Have a talk with a counsellor concerning retirement:  In Nigeria, we do not consider it worthy of making it to our to do list so I will advice you to at least speak to a good ol' friend or two who have been there at least 5 years before you.

• Engage more in some social or religious activity: 5 to 10 years before retirement will be the best time to join that women group in your place of worship, take up causes, join in humanitarian activities even passively.

• Include exercise in your daily routine: The body is getting old and keeping fit has become kind of mandatory. If you have not yet jumped on the bandwagon before now, do so. Your body will thank you for it.

• Give more focus to your relationships: When you retire, you are going to have more time. Friends and family may not find it easy to change the way they have related with you prior to your retirement. Focus more on consciously cultivating relationship with family in this regard, because a lot of people have tried to create lasting friends in a workplace and found out after they had to leave their jobs that those friendships blossomed only because they were together in a shared space (the office)

• Most importantly, Start the business you wish to retire with at least 5 to 10 years before retirement. This means you using your salary to start off the business of your dreams even if on a small scale. The advantage of this is that you do not lose your gratuity. All business has a learning time, at this time they do not make profit. For some businesses, this period may be for as long as 5 years; you do not want to retire and wait another 5 years to have an alternative source of income.

• Make more frequent visits to your doctor for check up.

Happy retirement to a future happy you!

PEARL.