The feedback received provided information that you may find useful. The reader should be aware that this information is not scientific and has not been subjected to in-depth statistical modeling or evaluation. Please do your own research before adopting any of these suggestions from other Nigerians.
In the above ezine article, Nigerians were asked to share their plans and preparations for “The Big R” retirement. Many responded, and thanks to everyone who took the time to write.
James (last name withheld) wrote: While we struggle to live up to expectations, (not that I know who the expectations are) much is wasted on things with no tangible future value. I have often seen that mansion in the village as a waste of valuable money, but we did not grow up with the culture of investing for the future.” Children are often our retirement. We need education if we don’t want to become a burden to children. or start packing in preparation for a final trip to town as we head toward retirement.
Some Nigerians who hinted or expressed that they are domiciled in Europe took the position that the governments there will take care of their retirement and therefore they did not have to worry about saving additional funds. “Those in Europe and Scandinavia may not have much to share, as their retirements are relatively better secured as long as they’ve had an active working life and contributed to the best-run retirement pool, unlike the US 401K,” he said. a reader named Ayookun. .
While some readers who responded have totally lost faith in Nigeria for various reasons, there are more people whose belief in Nigeria is rock solid. Those who have dismissed Nigeria as a place to retire or invest for retirement cite common complaints from Nigerians abroad: scams by trusted family and friends in Nigeria; and bad governance. In their experience, they have been presented with great investment ideas, only to be taken to the dry cleaners once their hard-earned money is sent to Nigeria. Jabolondon wrote this about an uncle who was duped when he invested for retirement in Nigeria: “He appointed his brother ‘Project Manager’ and since 1994, he has diligently repatriated funds for the project. Fast forward to today. His house is one cinder block level on a rubbish-filled site.Her brother, meanwhile, is the proud landlord-owner of a block of luxury 4 x 4” apartments.
This has been a serious and perennial fulfillment of many Nigerians working abroad. It’s quite detrimental to all parties in obvious ways: the person who is cheated on not only loses their meager retirement investment, but may inadvertently ignite eternal family feuds that serve no purpose. Those abroad who hear these (often exaggerated) stories are discouraged from investing or planning to retire in Nigeria. The person who cheats also loses, because ori otu mgba a bughi ezi-he who eats all the food at once starves once the food in his stomach is digested.
Yet for every five respondents who have had enough of Nigeria and have no intention of retiring there, there are eleven who urge a second look. The latter group advocates the benefits of investing in Nigeria as a retirement vehicle. A prolific commentator named Patcho pointed out something very attractive to most Nigerians in the diaspora. He said: “Eventually, when I reach retirement age, I would like to retire to my village because I want to walk, feel the barefoot ground in my compound, and welcome visitors who did not need to call or write me before calling.”
Using the money Patcho said he sent home over the years, his relatives in Nigeria have helped him amass real estate in his hometown. Wouldn’t it be great for most of us, both in Nigeria and abroad, to have the realistic option of retiring to our villages in peace and safety? bringing our retirement funds to enjoy and help further develop Nigeria?
Cajetan Nwagbara has this edited recommendation: “Go to any city in Nigeria and buy a plot of land. Develop it, build at least 12 apartments and rent them out for N25,000 each apartment per month. One can live conveniently on N300,000 income, if one has a personal house and a decent car”. It is a good idea. Frankly, a retiree in a lower-middle-cost part of the United States can get by on $2,000 (plus Social Security income) if Nigerian funds can be religiously sent here and the person is in relatively good health and has no mortgage on the house. in the States.
Valteena summed it up this way: “Haba! Onyeije Naija can’t be so bad for you that you want to delete it completely. Please don’t delete it. Nigeria can do better still.” That was in response to Onyeije, who wrote as if Nigeria should be wiped off the map. He said: “I’m just waiting for my parents to join their ancestors, then [will] delete and delete that name NIGERIA from the entire available lexicon.”
Those are honest words from someone who obviously loves Nigeria but is sorely disappointed in what Nigeria has become. It’s a sentiment quietly shared by many Nigerians, especially those in the diaspora. These Nigerians resent the leadership at home that fostered the conditions that forced them to leave their home environment and reside abroad, even as many who wish to leave Nigeria look up to those abroad as the lucky ones.
The mention of retirement homes in the previous article shocked most of the readers. Studies show that there are many excellent nursing homes throughout the western world, but most of them are also steeply priced. From the comments, it was obvious that the prospect of going to any nursing home is too hot or raw for most Nigerians abroad to face. Truth be told, many of us have to get serious about retirement and estate planning and financing if we are to avoid the dreaded dilemma of poor nursing homes.
The original article was written to raise awareness and highlight the importance of retiring with dignity and the need to save the funds necessary to achieve this golden age goal. You need a lot of money to do that, so stop spending and start saving like your life depends on it, because it just might.
Many of us have children, and children everywhere love their parents just as much as children everywhere. Let’s not miss that point in all this healthy discussion. Yet we haven’t come this far, worked so hard, and weathered so many storms to depend on anyone else, including our wonderful, loving children. We should spare them the worry of our finances. We should leave them property to cushion their lives, not burden them with the financial hardship of caring for us in our old age.
Rokijola has an innovative, if utopian, solution: “One option will be to have nursing homes in the United States that serve Nigerians and to have sister nursing homes in Nigeria. These nursing homes can function similar to time-share vacation homes. The biggest challenge will be managing health care needs, which comes with old age.”
That’s a great idea, especially if restaurants serving authentic Nigerian food are located on the premises, such as those near Highway 59 and Bissonnette in Houston, Texas. That area is the closest you can get to Aba, Calabar, Benin, Owerri, Jos or Lagos without leaving America. The only better or even close food would be home cooking prepared by the spouse. Sorry to stray, just want to say hi to the restaurateurs in Houston; none of which I know personally.
F. Scopion made elaborate and logical points, taking into account inflation, deflation (which is more serious), low interest income, American 401Ks and Roth IRAs, as well as global and long-term prospects (30 years). F. Scopion wrote: “The best bang for your buck, and almost the only sensible option left, is to invest in an emerging economy. Many smart middle-class Americans are already investing in the BRICs.” [Brazil, Russia, India, and China] countries that use financial instruments. Some even travel there to buy real estate. Nigeria is not yet on the list because its financial system is still too opaque. My point? Investing in property in Nigeria is more than just a good idea – there’s no earthly reason why you shouldn’t do it, if you can. I can assure you that wealthy Americans would jump at that opportunity.”
Idi-ogi made a rather extreme call against retirement abroad, but tempered it by suggesting investing in real estate in Nigeria. He wrote this: “Retiring abroad is not as promising as it may appear at first glance. When I was living in England, my wife conducted a survey among retired seniors. She met an elderly Nigerian whose wife had returned to Nigeria while he stayed in Manchester.. This gentleman was unkempt and disheveled. He was malnourished as his meals were being pushed out the door with no opportunity for him to make his choice known. Same for his other supplies. The workers simply left things at the door and let him know by calling the door. the door. By the time he opened the door, they had disappeared into thin air.”
“Investing in real estate is the way to go. The return on investment is much better in places like Lagos and Port-Harcourt. The downside is that there are very few opportunities to finance the huge amount of money needed. A similar investment in the United States Unidos will generate minimal returns at this time, but may be easier to finance with a good credit rating,” he concluded,
I also get replies that were too personal to post or that the person who sent the email didn’t want me to quote or use their names. Those answers made me think that this topic has deeper roots than I thought at first. Brothers and sisters, retiring in poverty is hell. Retirement planning and financing is not a husband’s or wife’s thing; it is a family gem. First you have to think about yourself and your spouse. When you REALLY need them, Western-Union can’t pay back the funds you should have saved and invested over your years of work.
It may be prudent to diversify and not put all your retirement eggs in one basket by investing only in Nigeria or only at your base abroad or in emerging markets. Those who govern Nigeria should capitalize on the attraction of funds that Nigerians have abroad both at home and abroad, making the conditions more attractive for these Nigerians and their funds to return home to rest.
Finally, retirement is a positive thing to look forward to. While it will take a long time to plan and act to achieve good results, excessive stress about saving for tomorrow could rob you of the joy and blessing of treasuring today. And too much stress could cause an infinite end that makes retirement a moot point! So thanks again to those whose responses made this article possible, and I wish you all success as we continue to prepare for retirement in prosperity, not extreme poverty.