The Lagos State Ministry of Finance, in collaboration with Nigeria Insurer Association, has told intending retirees to invest wisely with the entitlements after they bow out of active service.
The Permanent Secretary, Ministry of Finance, Mr. Sewanu Temitope Hundogan gave the advice at a workshop for intending retirees with an appeal to start preparing themselves mentally before retirement and the need to invest their retirement benefits wisely.
The Permanent Secretary, Ministry of Finance, Mr. Sewanu Temitope Hundogan, who made the appeal in his address at the event, described retirement as a major life change which most people do not prepare for.
He reiterated the need for them to be aware that it takes a lot of time than most people think to get used to the idea of retirement, stressing that it can not be done within months talkless of weeks, So, it is advisable to start preparing yourself mentally for it as early as possible.
In his words, “You must know what you want to do in retirement by preparing adequately for it with your spouse and other members of your family. So, preparing well in advance will make your transition into retirement less stressful”.
Hundogan applauded Governor Babajide Sanwo-Olu for creating an avenue for those preparing for retirement, He added that retirement is what everyone will go through in Life, which is why this type of workshop is organised to enlighten and prepare intending retirees for their life in retirement.
The Permanent Secretary further encouraged the participants to make sure their financial plan for retirement is up-to-date and on the right track, adding that it must include having a budget plan for the dreams and projects that the retiree plans to do while in retirement.
He said, “If you’ve figured out how you want to spend time in retirement, you also need to check if your financial plan backs up your fun plan. You don’t want to retire with a head full of dreams and not be able to afford it. So, it is necessary you guide against loss, unrealistic and dubious investments while preparing for the journey ahead.
“Doing a job well gives you satisfaction, a worthy, useful and accomplished feeling, but once you retire, all go away. As such, you need to discover a new purpose in life to make it meaningful. Always pray, analyse, keep fit and invest wisely. Retirement is a huge milestone in a person’s life, celebrate and make it even more memorable”, Hundogan advised.
