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Chuks Udo Okonta
Travelling on a single-lane road to retirement may be very risky, hence should be avoided if you anticipate a comfortable life at old age.
Just as single-lane road is accident-prone to travellers, retirees earning retirement benefits from a single source are prone to financial accidents.
Because many retirees are on a single-lane road in retirement, they are easily rattled by situations.
Federal Government retirees who anticipated retirement benefits just from Retirement Savings Accounts (RSA) have been traumatized as their payments have been stalled by government’s inability to pay accrued pension rights since March 2023.
Moreso, retirees that solely depended on annuity payment from some ailing insurance companies, have continued to lament over unpaid benefits.
Some retirees from the informal sector that are on a single-lane road, depending solely on rent or their children as retirement benefits have being battling with financial difficulties.
It is important, therefore to embrace a highway with multiple lanes to retire. This is done through adopting different investments portfolios for retirement benefits.
If you have the financial wherewithal and you anticipate comfortable retirement, invest in Contributory Pension Scheme (CPS); Micro Pension Plan (MPP); deferred annuity; immediate annuity; endowment; bonds; Treasury bills; houses; land; shares & stock; knowledge; children and wards; mutual funds; foreign currency; partnership; contents; farming amongst others.
Dangers of single-lane road to retirement
*Poor benefits
Single-lane road to retirement would often bring about insufficient income that can’t sustain a comfortable retirement lifestyle.
*Anguish and sorrow
It is common to find people on single-lane road to retirement agonizing over problems arising from their sources of benefits.
*Old age poverty
Several retirees who had travelling on the single-lane road to retirement are battling with old age poverty as their income are unable to meet their needs.
*Regrets
It is common to hear these retirees regretting their failure to embrace the highway to retirement.
As retirees who had travelled the single-lane road to retirement can’t change their situations, but live in it, it is expedient that those on that path to their retirement, urgently make a U-turn and embrace the highway to retirement of which those who travelled the path are today living comfortably in retirement.
