6 Things to Consider Before Retirement

old couple - I'm Alive by Chamsmobile

Most times, when thinking of the word retirement, it sends shivers down the spine of employees. You could almost hear their hearts palpitating. In the Nigerian Civil Service, the workforce retires either at age 65 or after 30 years in service; although there are a few exceptions for the Academic and Non-Academic staff. One of the reasons why retirement feels burdensome is quite apparent – mostly the financial strain. You should understand that retirement is a part of life, and the reality is inevitable. Retirement can be beautiful and meaningful if it is well prepared for.
We have compiled six things that you need to consider before you hang up your hat.

1. Health Insurance:

Nobody ever plans to get sick, but life happens. Perhaps your employer takes care of your health insurance, it will be in your best interest to ask questions and understand the extent of coverage after retirement; that’s if there is any at all. Several times, we have seen cases where someone falls sick after retirement and is unable to cater the medical needs. The common effects are distressed sales of property and strain on the immediate and probably the extended family.

2. Investment Plans:

By the time you’re considering retirement, most of your financial portfolio should be in risk-averse financial investments. In a country with volatile economic conditions, you must do your homework and seek the help of financial experts. Now is not the time for MMM kind of investment or any get-rich-quick schemes. Alternatively, invest in real estate or the money market such as bonds, Treasury Bills, etc.

3. Meeting your psychological needs:

Everyone craves to have a sense of belonging to a group and being a part of a greater course. Truth is, you might be deficient in this need if you’ve not learnt to integrate yourself into the society while working.
Rather than make your entire life all about work, develop hobbies and get involved in other activities that you truly enjoy and bring you a sense of fulfilment. These activities will keep you meaningfully engaged after retirement. We all can use the thrill that comes with being valuable and needed.

4. Have a Plan B:

Let’s say you save up some cash over the years in preparation for retirement. Unexpectedly, recession sets in, the currency is devalued and inflation is overboard, just like we’re experiencing at the moment. That wasn’t part of the plan! To avoid surprises, you must have a plan B to cushion you financially. If the retirement business you have a mind fails or your investment portfolio underperforms, what’s the next move? Diversifying your investment portfolio is a good way of mitigating any financial crisis. This way, you can critically respond to unforeseen financial brunt while maintaining your lifestyle.

5. Be Mentally Prepared:

You might as well begin to define what retirement means on your own terms, devoid of any negative embellishment. See retirement from a healthy perspective and develop a receptive attitude towards it. Retirement is not a halt to relevance. Rather, it is a period of rest from your many years of hard work, commitment and dedication to service.

6. Pension:

The Contributory Pension Scheme (CPS) is currently obtainable in Nigeria – a minimum contribution of 10% is made by the employer and 8% by the employee. Don’t just assume, monitor and ensure that your pension is remitted by your employer on a monthly basis. Make sure to get a reputable institution to manage your pensions.

That being said, before the adoption of the CPS, the Pay As You Go (PAYG) system was practised and retirees are required to verify their liveness periodically before pensions are paid. The pensioners’ verification is characterized by stressful long queues under unfavourable weather conditions, which pose a great health challenge to the retirees.

I'm Alive pensioners' verification by Chamsmobile

I’m Alive digital pensioners’ verification by Chamsmobile

To solve the hassles experienced by Pensioners during liveness verification, Chamsmobile developed I’m Alive – a Pensioners’ Digital Liveness Verification. I’m Alive ensures that retirees under the old pension scheme get verified conveniently on their mobile devices from anywhere in the world. Not only is the solution convenient, but it is also easy to use and helps to save costs. Pension Fund Administrators (PFAs) and the government must make pensioners’ liveness verification less burdensome by adopting I’m Alive.

To learn more about I’m Alive (Digital liveness verification for pensioners), click here or contact info@chamsmobile.com.

Post Views: 695

1 Comment


Adedamola Adewale
April 8, 2022 at 7:40 pm
Reply

Important point one should take note of. Thanks for the heads up.


Leave A Reply

Your email address will not be published. Required fields are marked *

*


Don't miss out on updates.
Subscribe to Our Newletter and get timely update about industry news!
Get Exclusive News and Updates

Akinsanmi Adeleke

Business Mngr. and Enterprise Solution

Akinsanmi is a high-performing operations-management executive with expertise in optimizing organizational processes through system automation. His career accomplishments consist of more than 10 years of experience implementing technology projects, developing product requirements, and analysing support strategies and processes to facilitate improved operations and efficiency. A proficient problem-solver who designs solutions and assists developers with issues by envisioning business and technical perspectives to a problem. When it comes to completing a job from start to finish, the value of clarity and good communication can’t be overstated, his superior communication and problem-solving skills allow him to excel in driving teams through all facets of project life cycles and realizing improved efficiency and productivity.

Grown through the ranks at Chams PLC, starting as Biometric Technology Support, Database Administrator, and presently a Business Manager, he has efficiently led diverse teams to oversee, manage and successfully deliver a number of technology change management projects for both government and private clients. Applying strong relationship and stakeholder management skills, he has ensured the utmost satisfaction of all clients. His expertise, experience, and achievement across projects includes Business Analysis, Process Improvement/Automation, Open Source Development, ERP, HR and Payroll Automation and Auditing, Data Analysis, Public Financial Management Automation.

Reinforcing his experience are credentials that include a Master’s Degree in Information Technology from the prestigious University of Lagos, as well as various other professional certifications including Certified Business Analyst from Imarticus Learning in India, Oracle Certified Professional, Microsoft Certified Technology Specialist and a recognised Odoo Partner.

Babatope Olulode

Head of Sales, VOTA & I’m Alive

Babatope Olulode is the Assistant General Manager, Sales. He works primarily on VOTA and I’m Alive Solutions for the Company. With working experience in a vast variety of industries in Nigeria and the United States, he leads the sales effort to ensure that Chamsmobile products are highly sought after and exceed the expectations of our clients.

Prior to Chamsmobile, Tope worked at NETCOM Africa and was on the Board of Management of John Holt PLC as General Manager overseeing assets worth over N10 Billion. He also worked in Logistics as the Chief Operating Officer of CFL Logistics and Head, Business Development at Flux Logistics, a member of the Superflux Group. He was appointed as MD/CEO of Sattrak Telematics in 2008 after working with Nextzon Business Services, a firm providing Business advisory, venture financing and management, outsourcing and consulting services. In the United States, he joined AWABCO as a Manager and later JWB Ventures as General Manager after receiving a 98.5% score in serve-safe certification.

A multi-disciplinary and lifelong learner, Tope holds a Bachelor of Technology Degree from the Ladoke Akintola University of Technology Ogbomoso, and is a member of the American Marketing Association AMA. He earned an MBA from the Louisiana State University in 2004 and was awarded the Don Wilcox Scholarship for Outstanding Academic Performance. He’s an avid Film critic and loves to travel.

Kayode Akomolafe

Executive Director

Kayode Akomolafe is the Executive Director, Chamsmobile. Before his appointment, he was the Chief Operating Officer, Chams Plc. He is an accomplished professional in project management with over 20years experience in diverse field which include Identity management, solution design, system architect, customer service, IT operations and infrastructure.

Sequel to joining Chams Plc in 2008, Kayode worked with Aeriel Link Communications, a public relation outfit in Lagos as Business Development executive and Mr Biggs Division of UAC as Operations Auditors and Compliance Manager. He has managed and led different teams to deliver several projects for federal, state and private institutions out of which are ChamsCity digital mall that got the Guinness world record, NCC SIM registration, Nigeria Airforce identity management and staff audit, Nigeria Custom identity management system, Osun state staff audit, including human resources and payroll solution, and the famous national identity project with NIMC.

He holds a Bachelor of Technology from Federal University of Technology Akure, a Master’s Degree in Information System Technology from University of Liverpool, UK and an Executive MBA from Lagos Business school. He is an Alumni of Nanyang Business School, Singapore. He is a certified Scrum Master, a Professional Member of British Project Professional Society, Scrum Alliance USA and Agile Practitioners Association of Nigeria.


Mayowa Olaniyan

CEO/Managing Director

Mayowa Olaniyan is a finance and management expert. She is the Managing Director and Chief Executive Officer of Chamsmobile Limited, an associate company of Nigeria’s long-standing indigenous technology company, Chams Plc.

Mayowa’s managerial and strategy expertise is sought after in the corporate sector. With an accomplished career of over 27 years that spans across finance, audit, automobile, and technology, Mayowa is a thoroughbred professional and resilient administrator whose business leadership is well recognized among C-Level Executives, Board of directors, Regulatory Authorities and other key Stakeholders for the many outstanding performances in delivering company’s business and financial objectives.

Until her appointment as MD/CEO of Chamsmobile, Mayowa oversaw Chams Plc’s finance, strategy and services as Executive Director. In this role, she led the refinancing of Chamsmobile and reengineered the company’s mobile money operations and positioned same to play alongside other big leagues in the industry and also drove the financial and business strategy that shot the Chams group back to profitability. Prior to that role, she served as the Chief Strategist and Financial Officer.

A chartered accountant of repute, a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow of Chartered Certified Accountants (FCCA), global body for professional Accountants, Mayowa holds an MBA from Edinburgh Business School, Heriot-Watt University, UK.

She has a degree in Applied Accounting and post graduate diploma from Oxford Brooks University, UK. She is an alumna of NANYANG Technology University, Singapore and the prestigious Pan Atlantic University (Lagos Business School), Nigeria.