₦airaland Forum

KENYA!KENYA!! When will you people stop amazing me. Very funny set of humans

Kanyeti:
WHY YOU SHOULD START PENSION EARLY?
There is a general misconception that retirement planning means paying money into a pension which might be the reason why some people start pension planning at 50 years. However, pension planning should be explored as a means of financial security. This means that pensions can be a way of saving for the rainy day or what some people will call investment. Pensions nowadays are not just done to have a comfortable retirement bonus. Pension managers now take advice from pensioners on how to invest their money risky or not risky. Today’s graduates face a working life of around 50 years which is a short time before retirement. Retirement is always a reduction in your income but the time one starts his pension could mean sufficient money to cater for their needs from feeding to health care and the rest. Aiden Mcloughlin of The Independent Trustee Company once said “We have a poor history of starting a pension early….with most people only rushing to start one once the “finish line” is actually in sight”. A Pension Savings Model was run by The Independent Trustee Company which looked at a person who only saved for their pension for 10 years from 25 to 35. If this person left the fund to grow with no further contribution to age 65, the benefit would be larger at 65 than if they had saved from 30 years to 65 years. According to the Director General of The National Pension Commission, Chinelo Anohu-Amazu, 7.01 million workers are registered under the scheme in Nigeria. However, this amounts to just 7.45 percent of the total labour force in the country.
So why do you need to start your pension early?
• INCREASED INCOME AFTER RETIREMENT
Tom Mcphail of Advisers Hargreaves Lansdown said “The important thing is to start saving as soon as you possibly can. Even a modest monthly saving now can make a real difference to your financial freedom in the future. Delay five years and you could slash your eventual payout by as much as 30%”. Starting one’s pension early could increases one’s payout upon retirement. It ensures that even upon retirement, you can still afford the best of feeding, healthcare and so on. The importance of starting early can also be seen in Mcphail’s statement when he said “Even if you don’t want to commit to a pension early on, at least start saving, you can always move the money across to a pension later on.
• INCREASED COST OF LIVING
It is no news that there has been an highly increased cost of living in the country. An early pension plan will provide you with enough money to still take care of yourself if at the time of retirement, cost of living has gone up. According to the National Bureau of Statistics, consumer price index rose just between August and September of this year from 17.6 percent to 17.9 percent. This shows that a high sum of money is needed for retirees who started their pension about 40 years back to have a comfortable life after retirement and starting pension early might just make the difference.
• ALLOWS FOR SAVING AND INVESTMENTS
Investing or saving part of one’s salary is the cornerstone of building retirement plans. If one can start early in life, you will significantly increase the odds of reaching financial independence at a younger age. What better way to save money than a pension plan considering also that payments into a pension qualifies one for tax relief. Pension managers have increasingly been give free hand to pensioners on ways to invest their pension fund to help increase it at retirement.
Despite the fact that a meaningful fund is almost impossible for a young person at the start of their career, the figures show that it is the early payments that could make the difference. It is therefore important for young people to start pension plans in earnest. I would like to end with Mr Mcphail’s statement that even if young people don’t want to commit to a pension early on, at least they should start saving as they can always move the money into a pension later on.
Written by:
OLAKANYE OLUWATOBI

Pension system in a country like Nigeria is scam. Until they look into the pension scheme in this country, people have already lost interest in them.

hopefulLandlord:
Pension makes little to NO sense in a country like ours

first, inflation eats at pension badly; so a pension you saved for 30 years or more would be worth far less when it's time to start withdrawing it and you can't even withdraw everything at once, they'll be giving you bit by bit while charging you fees and using every trick in the book to metamorphically swindle you

secondly, Pension managers HATE it when a client of theirs is due to start receiving his/her money, they'll start frustrating such a person by asking for documents here and there hoping you'll die before getting all those documents, its even worse when the owner of the pension is dead and its the family members/next of kin that wants to start taking what's Thiers

Pension system doesn't work in a country like Nigeria. Pension scheme is a scam.

Dfinex:
and u sleep with guys that u are not married to? he gives u stuffs and money, u don't remind him that u both are not married ....smh.

tufiakwa...running away from Pharisees.

Don't mind naija ladies. Pretence is their second name. You can't cook for your man but can have sex with him. Cheiii. Naja and hypocritical life.

I felt some pains as I read this news. If I could have my way, I would gather these our leaders in one room and set them ablaze. These people are heartless. How could they reason with their anus. May God intervene in this our hopeless situation.

This man is really very daft. I think is high time he sits down and get us out of this economic mess he put us into. Awwwww. Which kind president be this. May God have mercy on us.

I call and save her name with MMS(my morning star) and she calls me MEDs(my ever dearest sweetheart).

The guy probably was murdered and thrown into the river. Anyway RIP

Hi dear nlders. I actually wrote unilag postgraduate screening exam last month. I have been very keen to see the result to enable consolidate my plans but the results seems not forthcoming. Please house when are we expecting the results. Thanks for your kind response.

some naraland guys ar professional comedian. talents are really wasting in this country

proudly a pharmacist by profession. but if i had had a second chance i would have studied mathematics. i love anything calculation. about to start up my master in pharmaceutical chemistry

sultan003:
bosnia was 19 on the ranking we beat them.... heheh!

My friend chill down. Who knows Bosnia. Dose super Eagles na bunch of losers

kazmanbanjoko:
i only rain abuse on bad leaders, not on responsible leaders like President Buhari.

My friend stop talking trash. for your small mind gej is a bad leader. Rubbish

sambisa5:
My role model

Role model kee. Some people are really funny

Op I am a guy groomed in the villa. I did it. My mom forced all of us both the girls and boys to do it. So is not only the girls that did it.

I have preference for 3 girls and 2 boys. The girls names shall be Ozioma, onyinye and olaoma and the boys will bear obinna and onyeka Jr.

Bozzax:
Your thread is erroneous in itself.

You can't scare your future husband away. It's destiny and it can't be changed.
If a lady has been destined to marry someone, she will marry the person, no matter what character she exhibits, no matter what she does wrong.

my friend you should think before writing and post. What do you mean by Destiny?

These are old fools that had made this country to be like this. Three of them look very confused. Old cargos

I am seeing lots of surprises in this incoming government. Two things are likely to happen in this gmb government. Either he disappoint the politicians or favour the masses or vice versa. I can't wait watching the drama unfold

omenka:
Sai Baba!!

#BabaWhileYouWereGone, PDP said Tinubu and Amaechi went to fetch you back home and their twin brothers were eventually spotted in Lagos and Port Harcourt respectively.

#BabaWhileYouWereGone, TANoids kept praying that you don't come back alive.

#BabaWhileYouWereGone, fuel sold for N400 in Lagos.

#BabaWhileYouWereGona, we missed you.

. There will be lots of surprises in this incoming government.