Retirement Is Not Just For Government Workers - QC Community #209
Do I have a plann for my retiremment? Yes, now I do. But it was my father who taught me.
My father is not a government worker. He is a trader in Onitsha Main Market. He has been selling provision for over 25 years. No pension, no retirement salary, nothing. One day he fell sick and could not go to shop for two months. That was when we saw that without daily sales, there is no money. He had to use his savings to eat and pay hospital bills. That day I understood that everybody needs retirement plan, not only civil servants.
So my own plan is, I will not be like many traders who work till they die. I want to retire and rest. I am a student now, so I am planning three things.
First, savings. Even as student, I save small from Hive earnings. I have a target to save at least 30% of anything I earn. I don't touch it.
Second, investment that can grow. I am looking at buying a small plot of land in my village. In Igboland, land never loses value. If I buy land now as student, by the time I am 60, that land will be worth millions. That is retirement house already.
Third, skill. I am learning writing and design. These are skills I can do with laptop even when I am old, sitting at home.
Does my country have a system for retirement? Yes, but it is only for some people. Nigeria has PENCOM which manages pension for government workers. They contribute every month and when they retire they get money. But for market people, drivers, farmers, hairdressers, there is no system. They work, work, work, and when they are old they depend on children. If children don't have money, they suffer. So the system exists but it does not cover everybody.
What is better: pension lower, equal or higher than salary? I think it should be equal to or slightly higher than current salary. Let me explain. When you are working, your salary pays for transport to work, feeding at work, clothes for work. When you retire, those expenses stop. So you might need a little less than salary to survive. But because of health issues and inflation, equal is better. In Nigeria where things get expensive every year, if you retire with lower pension, in 5 years that money will be nothing. So equal or higher is safe.
My plan to secure that amount is to not depend on one source. Government pension can fail. I will combine personal savings, land, and online business. So even if one fails, others will carry me.
I want to retire with peace, not with fear.
IMAGE SOURCE AI