NIGERIAN RETIREES' RETIREMENT PLAN AND SOCIO-ECONOMIC WELL-BEING OF THE FAMILY.

Abstract

There must be a beginning and an end to every situation in life. Any successful start requires a strong finish, which must be based on efficient planning. Life after retirement management requires making plans for the future of the family. When one leaves active duty, one must adjust to a new way of life. According to this paper, a worker who disregards retirement preparation runs the danger of having to re-strategize once they retire, adopt, and apply new approaches to alleviate the issues that arise after retirement. As a result, a worker must make plans to leave as soon as possible after starting work. Although the government has made provisions for post-retirement years and retirement periods through various programs. As many potential retirees are unprepared, it has always been tensed and thought provoking. This could be due to lack of planning, funding, or non-payment or inconsistent payment of taxes, pension, and stipend. This paper asserts that a pleasurable and enjoyable post-retirement existence necessitates effective planning, training, and counselling, knowing that workers who fail to plan are at a disadvantage. They want to have an unnecessary threat to their old age in their post-retirement lives, such as poor health, dissatisfaction, low self-esteem, redundancy, and low socio-economic status are only a few examples. Recognizing that retirement is a period marked by changes in one's mental, social, economic, health, and nutritional State. As a result, workers must devise strategies for managing their post-retirement lives, to remain productive and healthy after active duty, despite tough and unfavorable conditions. This paper is of the opinion that government should pursue investment possibilities, training, and skill development, preparation for acquisition, awareness campaign through seminars, workshops, and public talks in preparation for retirement.