On Retirement Savings: Why Your Old Age Won't Cater For Itself.
I can tell you that I've personally felt the impact of this Buhari economy. It is hard on everyone, in one way or the other. We all know that. We are all hustling daily to keep body and soul together. Many of us are barely getting enough income to cater for ourselves presently and I can only imagine how ridiculous it might sound to you, having me tell you why you need to have a plan in place for retirement already.
The truth is this - your future won't take care of itself. I understand you need to pay bills and survive, but you must remember that if you will live till a ripe old age (which we all pray for), you have to start to prepare for it now. In reality, there is nobody you can sufficiently depend on to cater to your needs in old age. People will fail you, and it is not because they intend to. It's just that everyone is struggling to get by, with the worsening situation of the economy.
I understand you need to pay bills and survive, but you must remember that if you will live till a ripe old age (which we all pray for), you have to start to prepare for it now.
Today, I want to share with you what retirement savings are all about and why you need to actively start thinking about them from now if you'd have the beautiful old age you so often dream of.
1) What is a retirement savings account?
In very simple words, a retirement savings account is a fund you've set aside and you regularly credit for the sole purpose of sustaining livelihood after retirement. It is typically managed by a pension fund administrator and ensures some form of income for you(and your family) in the events of your retirement, loss of job, sickness, or even death.
2) Why a retirement savings account?
I often find many older people downsizing their lifestyle after retirement. They find it difficult to afford the expenses they were once able to afford while still in employment. Others become a burden to family, friends, and their communities. You don't want that to be your case. You also don't want to have to work all your life. A retirement savings account ensures that you still get a salary after retirement, that is, your pension.
3) When can I start a retirement savings account?
Remember, it is never too early to start to have your old age in mind. Retirement savings are necessary for you, whatever age you might be. The younger you are, the more open you should be to heavily investing in your retirement funds. This is because you still have some time on your hands. However, the older you grow, it tends to become more inevitable to have a course of action.
4) How do I go about opening a retirement savings account?
We have made retirement savings SO EASY for you at Oak Pensions. We have different products crafted with you in mind and available based on your income level, needs, and other important priorities.
One thing we all keep forgetting is that the years fly by so quickly and before you know it, what looked like the distant future is right before your eyes. Your old age will not sort itself out. You cannot leave your life to chance. You have worked hard all your life and deserve to rest when the time comes. Start to think of your future today. We're ready when you are!
PS: Did you know that in July 2020 amidst the thick of the Coronavirus Pandemic, Oak Pensions Limited topped the chart on return on Investment with a whopping 7.22%? You can trust us with your money, and be assured that it will work for you when the time comes.
ABOUT THE AUTHOR:
Emmanuel Olabode is a writer, actor, and filmmaker. He is the Founder/Creative Director of The OYA Company, a media and entertainment company that produces original content across digital, film, TV, radio, and social media. In 2017, he worked as a Digital Media Consultant to the Chief Press Secretary under Governor Godwin Obaseki, Governor of Edo State. Emmanuel's writing credits include several articles for Business Day, OYA Magazine, and YNaija.