This is my entry for QC Community Weekly Contest #209 - Topic: Retirement.
To be honest, as a student, I never really thought about retirement before. Retirement always looked like something for old people in government office. But reaading this prommpt made me think deepply.
Do I have a plan for my retiremment? Before now, no........ But now I am starting to think about it. My plan is simple. I don't want to depend only on one salary or government pension when I am old. I want to build multiple small sources of income now that can still feed me later. Like investing small money in Hive and crypto, learning a skill that I can do even when I am 60, and maybe owning a small business like a shop or land that can bring rent.
Does my country have a system for retirement? Yes, Nigeria has a system. For government workers, there is pension. They have Contributory Pension Scheme where both employer and employee contribute. And there is also old people pension for retired civil servants. But the truth is, the system is not very effective. Many retired people wait months before they get their pension. Some die before receiving it. For people who work in private business or market or farming, there is almost no retirement plan. They just depend on their children when they are old. So the system exists on paper, but in reality many Nigerians don't benefit well.
What is better: pension lower, equal or higher than current salary? For me, it should be higher than current salary. Why? Because when you retire, you are older, you have more health challenges, drugs are expensive, and you can no longer work as strong as before. If you receive lower than your salary, you will suffer. If you receive equal, you will just manage. But if you receive higher, you can live comfortably, take care of your health, and still support your family. Retirement should be reward, not punishment. So higher is better.
What would my plan be to secure that amount? My plan is to not wait for government. I will start saving early, even if it is small. I will invest in things that grow with time like land, Hive, and skills. I will also try to build a business that can run without me being there every day. So that by the time I am old, I have pension plus my own investment income. That way I will not be begging.
Retirement is not far. It will come. The best time to plan is now when I am still young.
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