Why is Retirement Planning in Nigeria Necessary?
The significance of retirement planning cannot be underestimated. Nobody likes to work forever and there comes a time in life when advanced age and natural limitations of body and mind prevent a person from working and earning.
Retirement planning entails making adequate provisions for the future –This also implies that you have adequate time and resources for activities that you could not fully enjoy during your prime years – travelling, spending more time with friends and family, joining a hobby class and being a part of community services. Naturally, indulging in such activities without having to report to work is possible only when you have adequate funds
Wealth building is probably the most important part of a retirement plan. Pensions are not enough and you need to ensure that there are adequate investments to yield you a good, steady passive income when you give up work.
We need to build sustainable wealth while planning for a flourishing, healthy retirement. There are five main types of wealth that we need to build for a peaceful and rich retirement strategy
1. TIME wealth
2. FINANCIAL wealth
3. PHYSICAL wealth
4. SOCIAL wealth
5. Generational wealth
Besides wealth building, you also need to think in terms of:
§ Estate Planning
§ Asset Protection
§ Writing Your Will
§ Leaving A Legacy
§ Tax Planning
You cannot enjoy life to the fullest if you are not fit and healthy. You need to start from now by
· Eating differently – making healthier food choices
· Acting Differently - start exercising regularly
· Thinking differently – change your lifestyle choices
In addition to taking care of your finances, health and assets, you need to take care of your spiritual health, to be at peace with yourself, God and the world
Article by Bibi Apampa, Africa's no1 Retirement Coach and Wealth strategist the creator of best pre-retirement course in Nigeria at http//www.RetirementQueenNigeria.com
