A financial expert, Laja Shoniran, has provided useful insights for Nigerians preparing for life after retirement in his new book, ‘Retirement Reinvented’.
The author at the launch of the book in Lagos said the book was born out of his experience on the challenges and hardship many retirees go through, particularly those whose only source of income remains their pension.
Shoniran, who revealed that the book encompassed all his seminar and training materials over the past 18 years, underscored the need for early preparation for retirement through saving, investment and attending training and seminars on retirement.
According to him, retirement should not be considered a death sentence, stressing that retirees must seek ways to remain productive and relevant.
He also advised retirees to cut excess spending and prioritise investment.
“Retired people should take advantage of technology. Never invest more than 10 per cent of your gratuity. Invest in reading books on retirement. Learn from people who had retired earlier,” he said.
The book reviewer, Dr. Richard Ikiebe, said people failed to grasp what to do after retirement because the concept is foreign to Africa. Describing it as a comprehensive guide for people, Ikiebe tagged it as a book one can put into action.
According to him, the author combined his expertise with a deep understanding of people, social dynamics and economic realities to present a holistic approach to retirement.
“Shoniran has drawn from real life experiences and case studies. He has skilfully illustrated what the challenges are like for many retirees so that we can learn from what others have done. He also encourages readers to embrace their unique circumstances and aspirations and use them to make something new out of the new life they have found themselves in.
Chairman of the event, Mr. Patrick Sanni, said the story of retirement in Nigeria is a sorry one. He said some people think when they retire, it is a sentence to uselessness, thereby going to sleep and refusing to remain productive.
Sanni said people must learn how to utilise the opportunities that are there with the retirement years, advising those currently active to start preparing for retirement now so that they will not be found wanting.
Sanni said they can go about this by developing a passion in a certain area or subject, while in paid employment, noting that this will make it easier when they enter retirement.
“Retirement does not mean our expenditure will disappear. Rather it will increase. So for you to have your head above water, you have to develop additional sources of income. It may not be big, but it keeps you in good shape and makes you look forward to what to do daily,” he said.