Life After Retirement

2302 Words Aug 8th, 2010 10 Pages
LIFE IN RETIREMENT

A PAPER PRESENTED BY

GBOLAHAN I. OYEGOKE (PRINCE)
B. Sc. (Ed.)Econs., MBA (Mktng.) ABR, ACTI, ACA

HEAD OF PRACTICE
Gbolahan Oyegoke & Co
Chartered Accountants

AT THE

POST RETIREMENT SEMINAR

ORGANISED BY
T. A. AMUSSAH & SONS LIMITED
(CONTRACTOR TO CHEVRON NIGERIA LIMITED)

DECEMBER 6, 2006

PREAMBLE
Retirement simply refers to the fact of stopping work because you have reached particular age or set criteria. Such criteria may be health, performance at work, conduct, options, takeover etc. Retirement can be delightful or devastating… a dream come true or a dreadful nightmare. It depends on how one prepares for it.

In Nigeria, the private sectors have a relatively better reputation for taking seriously their
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We shall therefore concentrate on what is required of them to remain happy and comfortable, even while in retirement.

In our clan and environment, there is always fear of retirement. To an average Nigerian, whether in self or paid employment, retirement connotes failure; it brings torment; it is consider shameful; it is often seeing as failure; many view it as weakness, especially if it is the decision of a self-employed person; many consider it as punishment; others sees it as bad luck; it simply remind us of loss of power and influence. We often get agitated and often raise questions on:

• What will I do after retirement? • Where will I live in retirement? • I do not have retirement plan, so how do I survive in retirement? • Though I have a retirement plan, what if it fails?

While the views above are fallacies, the fear, the questions and many other issues often lead to criminal act such as fraud, stealing, falsification of age etc.

THE DONT’S OF RETIREMENT
Several private sectors retired and disengaged employees who were well and promptly catered for on retirement have ignorantly and recklessly slipped into the poverty circle within a very short period of their severance. This may be avoided if we attempt to desist from any of the following acts:

a) Desire for new wife/(wives)
Do not marry a new wife: running a new home,

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