Stop depending on your kids for retirement
'Stop depending on your kids for retirement '
A few days ago, I walked into a bank to transact. I was in the queue and presumably noticed particular classes of employees in the majority: the Baby Boomers (born 1946 to 1964).
Out of a desire for knowledge, I abandoned the queue to walk around. I gathered that majority of the people were pensioners who had gone to collect their pension payments from NASSCORP through the bank.
The amount I saw them collect was pathetic and could not sustain them in the current economy. I could see the misery and dissuasion on the faces of the pensioners. I stood dumbstruck for a while with an abysmal reflection on my retirement.
I realized the following:
That our system has failed the workers. There is no sustainable retirement program for employees to invest in while they are working. Everything is “hand to mouth”,
Employees live with an institution for 25 years, and they are only given less than a month or two to prepare for retirement-it is like keeping pensioners on life support. Employees do not plan when they are working; retirement slinks on them. Some employees are kept on one salary band until their retirement thereby impacting their pension benefits,
?Most Africans put too much burden on their kids for retirement. We push the kids into doing unethical things to support their parents in retirement. The kids have their own life to live; we cannot commit them to our retirement. You had yours to live and let the kids enjoy theirs. We believe that God will take care of us in our old age. We had all the opportunities to plan and did not plan; why do we make God our retirement plan?
?Some people have not gotten jobs in their 30s, 40s, or even 50s; they are yet to find a job; how will they even prepare for the future? There is no retirement plan for informal workers. When these people are aged, they pass on their burdens to the communities, families, and church.
There is no other option to NASSCORP; no private pension for employees to choose from. Time value of money impacts pension. The dollar value 20 years ago is not what it is today. Some people use pension money to start construction instead of living a decent life
Let us start to plan for our retirement; we all will get old some days. It is better to plan adequately than to pass the burden on to our kids, the church, family members, society, and the government. Government as well needs to have a more inclusive retirement strategy, have adequate planning, and design supportive programs for retirees. Retirement should never be a surprise package.?See less
A few days ago, I walked into a bank to transact. I was in the queue and presumably noticed particular classes of employees in the majority: the Baby Boomers (born 1946 to 1964).
Out of a desire for knowledge, I abandoned the queue to walk around. I gathered that majority of the people were pensioners who had gone to collect their pension payments from NASSCORP through the bank.
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The amount I saw them collect was pathetic and could not sustain them in the current economy. I could see the misery and dissuasion on the faces of the pensioners. I stood dumbstruck for a while with an abysmal reflection on my retirement.
I realized the following:
??That our system has failed the workers. There is no sustainable retirement program for employees to invest in while they are working. Everything is “hand to mouth”,
??Employees live with an institution for 25 years, and they are only given less than a month or two to prepare for retirement-it is like keeping pensioners on life support.
??Employees do not plan when they are working; retirement slinks on them.
?? Some employees are kept on one salary band until their retirement thereby impacting their pension benefits,
?? Most Africans put too much burden on their kids for retirement. We push the kids into doing unethical things to support their parents in retirement. The kids have their own life to live; we cannot commit them to our retirement. You had yours to live and let the kids enjoy theirs’,
??We believe that God will take care of us in our old age. We had all the opportunities to plan and did not plan; why do we make God our retirement plan?
?? Some people have not gotten jobs in their 30s, 40s, or even 50s; they are yet to find a job; how will they even prepare for the future?
??There is no retirement plan for informal workers. When these people are aged, they pass on their burdens to the communities, families, and church.
??There is no other option to NASSCORP; no private pension for employees to choose from,
??Time value of money impacts pension. The dollar value 20 years ago is not what it is today.
??Some people use pension money to start construction instead of living a decent life
Let us start to plan for our retirement; we all will get old some days. It is better to plan adequately than to pass the burden on to our kids, the church, family members, society, and the government. Government as well needs to have a more inclusive retirement strategy, have adequate planning, and design supportive programs for retirees. Retirement should never be a surprise package.
Procurement Officer at UN World Food Programme WFP
2 年My response is in the Liberian context and is of my own view :) Have you considered the average salary of skilled laborers in Liberia? Have you considered the average earnings of unskilled laborers in Liberia? Have you considered the cost of living? Do you know that majority of the employed in Liberia finish their salary before it hits their bank account or receive it in cash? Now, how can a person save when their expenditures are far above their earnings? The country is at a level where employers feel that they are giving you a favor when deciding your salary. This is due to lack of job opportunities and a failed system. I'm in no way supporting the rare case of people who earn a little more but choose not to save for many social or other reasons. On the other hand, majority work in the public sector where employees earn as low as US$75 per month (Forget about the minimum wage bill, it's just a document for the world to see but even the min. wage is not enough). Secondly, majority if not all of the baby boomers lost almost everything including their age and energy due to the civil war. Look, we have a failed system dating back many years and we are not on the path to start the repair. Impact, we fight against good system.