Everyone must plan for happy, productive retirement

The retirement years is no doubt a period of time when people should always look forward to, since one of the main goals of working is to be able to retire at an age where health and income are sufficient to carry you through the golden years. However, having a retirement plan is more than simple financial planning. While you need to have a plan for your finances, you also need to have a plan for managing your time to maximise your pleasure and satisfaction during this time of your life. It therefore means every one of us must take certain concrete steps to plan for a happy and productive retirement.

Own your home

Owning a home that does not have a mortgage should be a main objective of any retirement plan. Yes, there are still taxes to pay and insurance to buy, but the absence of a house payment or rent adds enormous flexibility to your retirement income. When you own your home, you can live your life without worrying that you might lose your home if something happens to reduce your income. The hundreds of naira that mortgage payments or rent subtracts from your disposable retirement income can seem huge on the reduced amount of monthly income that most retirees receive.

Make time for family

Attending to a job takes a lot of time from your week. If you have a commute, even less time remains for connecting to family. One of the benefits of retirement is the amount of bonus time that you should have. Forty to sixty hours per week are returned for you to spend on something other than full-time employment. This is the time to open your life for more family time.

Although your grown children are working, invitations for meals can offer times for bonding and remove the stress of preparing dinner after working a full day for them. Most people will gladly accept such invitations a time or two per week. Unless you are estranged from your children, this will be a treasured time for you and them. Generally, a home cooked meal will not set the budget back too badly compared with taking everyone out to a restaurant.

Plan trips for adventure and pleasure

It is easy to fall into the trap that since you are not working, you do not need to get away. Plan your retirement budget to allow for at least a couple of trips per year away from home. A nice cruise or all-inclusive vacation type of trip can get you away from the day-to-day routine. It will also provide for new experiences and even a measure of adventure as long as your health is good. Most of the time, it will require you to set aside some amount of money per month to fund this travel without breaking the budget. Add this amount to your monthly retirement needs when preparing your retirement financial plans.

You need the grand children

Grandchildren are your path to earthly immortality. Regardless of your religious belief, your DNA is being conveyed into future generations through the grand children. You need to share more things with them than just your genes. You have a lifetime of experience and experiences to share with them. The only way that this happens is by spending time with them. For younger grandchildren, you can act as a part-time baby sitter. As they get older, include them in your travel and activities. Your stories and their experiences with them will pass into future generations at the same time as your genetics.

Remove the things requiring upkeep from your life 

Maintaining things requires both time and money. Fewer items in your life that need maintenance mean more time and money for you. Your retirement home needs a smaller yard and fewer bedrooms. Reduce your garden and ornamental plants to a minimum. If you cannot afford to pay someone to take care of items that need constant attention, consider moving them out of your life.

Explore new hobbies or rekindle old ones

Having a hobby can add pleasure to retirement. This hobby also needs to be one that you can lay down and walk away from when needed. Do not let hobbies turn into obligations. Filling your hours with something other than empty time will give you more satisfaction in retirement. Strive to make the hobby fit into the constraints of your budget. A hobby that empties your wallet will become a burden instead of a pleasure.

Do things with friends

In retirement, you have the time to spend more time together with friends. It is not just limited to evenings or non-work time. You can meet for lunch or work a puzzle together. If you enjoy games, this is a great time to dig out the old games to play during your visits with friends. You may even want to plan a trip or two with your better friends. Time spent with friends is usually one of the least expensive ways to have enjoyment in retirement.

Turn a hobby into income

Because some people find that income is lower and expenses are higher than anticipated in retirement, extra income can be a blessing. Even about ten thousand naira or so per month can make a dramatic difference in the retirement lifestyle. If your hobby is one that can produce income, you will have the best of both worlds. You can enjoy your hobby and still make money at the same time.

Find opportunities to volunteer

One of the problems with retirement is the feeling that you may no longer be important to society. A good way to solve this problem is to volunteer. Public schools, churches, and a variety of other agencies are always clamouring for volunteers. Usually, the amount of time devoted to these tasks can range from an hour or two per week to nearly a full time unpaid job. Regardless of how much time you give, it is a great way to feel needed and productive.

Guard your nest egg

Retired citizens face three potential risks to their retirement income. The first is scam artists who prey on retirees. The second is changes in the economy that can erode income from investment and savings accounts. The third is overspending. Staying on guard is the only way to keep these three from depleting your retirement income and ruining your retirement years. Keeping a strong budget in place is the only way to give you some security against these potential retirement spoil.

Economic growth not benefiting Nigerian masses—World Bank

World Bank has revealed that Nigeria’s economy’s performance in the last 10 years has been puzzling.

This is contained in a publication titled, ‘Nigeria Economic Report,’ released on Monday. The World Bank said a decade of high economic growth had not translated to much welfare improvement for the generality of the country’s citizens.

According to the bank, the country needs to find a formula that will enable the wealth of the nation to cascade to the generality of the populace through rapid creation of jobs.

The report states, “Nigerian economic statistics reveal a puzzling contrast between rapid economic growth and quite minimal welfare improvements for much of the population. Annual growth rates that average over seven per cent in official data during the last decade place Nigeria among the fastest growing economies in the world.

“This growth has been concentrated particularly in trade and agriculture, which would suggest substantial welfare benefits for many Nigerians. It is imperative that Nigeria finds a recipe to unlock rapid growth and job creation in a larger part of the country, as well as to increase standards of education, health and other social services to enable its citizens to find gainful employment in the emerging growth poles.”

In a similar report, the International Monetary Fund (IMF) had said although the high growth rate had been sustained for a decade, unemployment is still high.

IMF had said, “Strong growth on the order of six per cent a year has been sustained over the last decade, but the official unemployment rate has increased over the period and poverty remains high.

“To make growth more inclusive, the authorities initiated a comprehensive programme in 2012, prioritising macroeconomic stability and reforms to boost competitiveness and productivity, especially in labour-intensive sectors.

“Initial outcomes have been generally favourable although progress in some areas has been slower than originally envisaged.”

Moyes bids farewell to Goodison Park

Everton manager David Moyes said his goodbyes at Goodison Park on Sunday in perfect fashion with his talented side cruising to a 2-0 win over West Ham United in the Premier League.
Goals in each half from their Belgium striker Kevin Mirallas ensured Moyes departed from the blue half of Merseyside a winner after 11 years in charge of the Toffees.
Moyes, 50, is joining Everton's rivals Manchester United as the replacement for fellow Glaswegian Alex Ferguson, who is stepping down after 26 years in charge at Old Trafford.
It was not clear how Everton fans would feel about their manager leaving for United but he was warmly received by the crowd, who showed their appreciation for the progress the club has made under him despite the failure to win a trophy.
Their reaction was also helped by the fact they will finish above great rivals Liverpool for the second consecutive season.
"There's always a worry when you're joining another club, but Everton fans were magnificent for me today," Moyes told the BBC.
"David Unsworth scored my first goal at Goodison 11 years ago after about 25 seconds and I'm delighted I finished it off here with a win. I thank all the players who have worked with me."
After 71-year-old Ferguson announced his retirement on Wednesday the Manchester club took barely a day to appoint Moyes as his successor.

Fergie bows out with 20th EPL title as RVP lifts first EPL

Alex Ferguson thanked Manchester United's supporters and urged them to stand behind his successor, David Moyes, after an emotional final home game as manager on Sunday.

Ferguson, who announced his shock retirement earlier this week, addressed supporters directly during an unscripted on-pitch speech after a 2-1 win over Swansea City closed his 26-year association with the Old Trafford dug-out.

"You've been the most fantastic experience of my life," he said, as fans in the crowd of 75 572 fell silent to listen to the man who has brought 38 trophies to the club since arriving from Aberdeen in 1986.

"I've been very fortunate I've been able to manage some of the greatest players in the country, let alone Manchester United. All these players here today have represented the club the proper way and won the championship in fantastic fashion. Well done to the players.

"My retirement doesn't mean the end of my life with the club. I'll be able to enjoy watching them, rather than suffer with them.

"If you think about it, those last-minute goals, those comebacks, even the defeats, are all part of this great club of ours. It's been an unbelievable experience for all of us, so thank you for that.

"I'd also like to remind you that when we had bad times here, the club stood by me, all the staff stood by me, and the players stood by me. Your job now is to stand by our new manager."

Ferguson, 71, later hoisted the Premier League trophy in front of his jubilant players, three weeks after United secured an unprecedented 20th English league title with a 3-0 home win over Aston Villa.

He was then joined on the pitch by his grandchildren, as his players celebrated the 13th league crown of the Ferguson era beneath a steady downpour of rain and red ticker-tape.

Everton manager Moyes will take over as manager on July 1, having signed a six-year contract, with Ferguson taking up a role as a director and ambassador.

Fittingly, an 87th-minute goal by Rio Ferdinand in front of the Stretford End earned United victory, after Javier Hernandez's first-half strike was cancelled out early in the second period by Michu.

Ferguson had earlier been given a guard of honour by players from United and Swansea as he made his way onto the pitch before the game.

The occasion was slightly overshadowed by Ferguson's confirmation that Wayne Rooney has asked to leave the club.

Ferguson dropped the 27-year-old striker from his match-day squad and explained afterwards that he had not been in the right frame of mind to play.

"I don't think Wayne was keen to play because he's asked for a transfer and he wants to think it through in his mind. I think that's a good idea," Ferguson told Sky Sports.

"We're not going to let him go. I think maybe he's a little bit frustrated that he's been taken off once or twice in the last few weeks."

In another sign of the changing times at Old Trafford, Paul Scholes made his farewell appearance after announcing that he is to retire for the second time.

The 38-year-old English midfielder, who returned from retirement in January last year after only seven months out of the game, played for 66 minutes before departing to a standing ovation.

"Today it was just nice to get through the game. I thought Sir Alex handled it well. He has done a fantastic job here," said Scholes, who was only the third United player to make 700 appearances for the club after Ryan Giggs and Bobby Charlton.

The final game of Ferguson's United reign will be at West Bromwich Albion next weekend.

Moyes was given a warm send-off by Everton's fans after his side beat West Ham United 2-0 at Goodison Park in his final home game.

Everton's players formed a guard of honour after the game for Moyes and captain Phil Neville, who is also leaving the club at the end of the season following eight years' service.

"There's always a worry when you're joining another club, but Everton fans were magnificent for me today," Moyes told BBC Sport.

"David Unsworth scored my first goal at Goodison 11 years ago after about 25 seconds and I'm delighted I finished it off here with a win. I thank all the players who have worked with me."

Elsewhere on Sunday, Emmanuel Adebayor scored an 83rd-minute winner for Tottenham Hotspur to snatch a 2-1 win at Stoke City that sent Spurs into the Champions League places at the expense of Arsenal, who host freshly-crowned FA Cup winners Wigan Athletic on Tuesday.

Wigan's hopes of avoiding relegation were compromised after Norwich City beat West Bromwich Albion 4-0 and Newcastle United won 2-1 at relegated Queens Park Rangers to secure their top-flight statuses.

Fulham are all but mathematically assured of escaping the drop despite a 3-1 loss to Liverpool, but Sunderland, who drew 1-1 at home to Southampton, and Aston Villa remain in danger.

CHI implements e-payment platform in Zenith Bank

Leading insurer, Consolidated Hallmark Insurance (CHI) Plc, in a bid to ease the transaction process and procurement of the compulsory third party motor insurance has embarked on collaboration with Zenith Bank Plc for payment across the bank’s counters nation-wide.

With this arrangement, vehicle owners, insurance brokers and fleet operators can now walk into the bank, effect payment and obtain the e-pin for processing of the motor third party insurance cover through either the product portal www.motorthirdpartyonline.com or from the company’s website www.consolidatedhallmark.com

The company’s Managing Director, Mr. Eddie Efekoha said the company embarked on the arrangement in order to provide numerous clients with additional options of obtaining their genuine insurance, having pioneered the online web portal payment for the product in 2008.

He disclosed that with the Consolidated Hallmark e-pin from the bank, clients can generate their insurance certificates from the comfort of their homes or offices within a few minutes, print the document for their immediate use or save for future use after completing a few details.

Details of the vehicle thus covered are automatically uploaded to the portal of the Nigeria Insurance Industry Vehicle Database, a central registry of all vehicles with valid insurance cover.

Customers also have the option of making payments for the product with their ATM cards, or obtaining this and other classes of insurance through the National Insurance Commission (NAICOM) licensed insurance agents across the country.

The Consolidated Hallmark Motor Third Party Insurance cover protects the holder for up to N1 million in property damage liabilities to third parties, and also covers bodily injury and death of third parties arising from the usage of the insured vehicle.