By Mrs Christiana Omotunde Ogunmekan

WHAT IS RETIREMENT?
**Simply put, retirement is a set date for leaving paid employment compulsorily on reaching the statutory age of 60 years (or 35 years in service for Civil servants). An employee can also opt for voluntary retirement on reaching the age of 45 years. A self-employed person or entrepreneur can also decide to set a retirement age for him/herself.
It is inevitable that there comes a time in life that one is no longer energetic enough to cope with daily rigours of job requirements. However,life must go on, there are obligations to fulfill, bills to pay and so on. These are the reasons for planning towards retirement.

When do we start planning for retirement?

— As soon as you get employed or start a business as an entrepreneur, is the right time to start making plans for retirement. Sometimes, retirement may come prematurely as it happens in the Armed Forces or other Government agencies. Some corporate employers could also decide to downsize due to economic downturn,hece the need for early planning.
The best plan is one in which Jesus Christ is the bedrock and guide.Proverbs 16:9 and Proverbs 3:5-6 are relevant.We cannot go wrong when we allow God to direct our plans.

FINANCIAL PLANS FOR RETIREMENT
It is a common saying that failure to plan means planning to fail. Let us therefore examine below various ways to plan financially towards having rest of mind after retirement.
— Serve your employer with diligence and commitment to duty.
Work hard as an entrepreneur and treat your employees fairly in order to make your business profitable. Proverbs 6:4-11 advise against laziness and slothfulness.
— Set aside part of your monthly income or business profits as Savings in your personal Bank account. Do not spend all you earn.
— Have multiple sources of income. There are some alternative part-time business venture you can engage in after office hours like network marketing,online consultancy,tailoring, agricultural produce and so on.
— Investments in stocks,shares and real estate from which annual returns are received.
— Build your house,to include apartments from which you can earn rental income.
— Live within your income. Avoid living on credit and incurring debts that will cause strains or stress after retirement.Always have it at the back of your mind that your income will reduce on retirement.
There is a statutory Pension scheme in Nigeria put in place by the National Pensions Commission whereby Employers are mandated to deduct a certain percentage of an employee’s monthly salary while the Employer contribute a percentage on the employee’s behalf to a Pension Fund account maintained with a Pension Fund Administrator of the employee’s choice in the employee’s name.
The fund so accumulated is made available to a Pension Fund Manager chosen by the employee on retirement to be paid out as monthly pensions. However, some companies adopt payment of lump sum gratuity only to their employees at retirement.

CONCLUSION
A vital part of financial planning for retirement is maintaining a healthy lifestyle in your youthful days and praying for good health in old age. No matter how well you plan, if you have medical issues due to not paying adequate attention to your health or reckless lifestyle, you may not enjoy the wealth you had accumulated. Remember, health is wealth.
Secondly, you must have trained and educated your children both secularly and spiritually so that they will give you deserved rest after retirement. There is a popular Yoruba saying “Omo ti a o ko,ni o ma gbe ile ti a ba ko ta” Literally translated, it means “The child that is not trained will eventually sell the house you built”. May that not be our portion. However, do not be over-dependent on your children for all your needs. We pray that our children should prosper and have surplus to take care of us in old age but sometimes, circumstances of life may not allow some children to do as much as they would want to financially. Parents should not display an entitlement mentality that could drive such children away from them.
Lastly, godliness and contentment are great virtues. Retirement is the beginning of a new phase of life in which one has to make necessary adjustments to match available resources. Be more modest and contented with what you have. Retirement is not the time to start new businesses that were not planned for or to run after wealth. It is a period that calls for doing all things in moderation.
As Christians, we have been taught to honour God with our substance.If you had learned from an early age to give to God in tithes and offerings,you will never lack good things of life because He will bless you and supply all your needs.
Bible references: Deuteronomy 8:18, Proverbs 3:9,Proverbs 22:6,Luke 6:38, Proverbs 11:24-25