Preparing for retirement

1. BRIG GEN AI ADEDIGBA (rtd) psc fdc(+) MNIM MSPSP Ph.D
A PAPER DELIVERED AT NDC
11 SEPTEMBER 2023
1

2. Imagine your own retirement. . .

3. 3
What Did You Imagine?

4. 4
What Did You Imagine?
Travel

5. 5
What Did You Imagine?
Sleeping late
Travel

6. 6
What Did You Imagine?
Sleeping late
Golf
Grandkids
Travel

7. 7
What Did You Imagine?
Sleeping late
Golf
Grandkids
Volunteering
Travel

8. 8
What Did You Imagine?
Sleeping late
Golf
Grandkids
Volunteering
Hobbies
Travel

9. 9
What Did You Imagine?
Sleeping late
Golf
Grandkids
Volunteering
Hobbies
Travel
Change of Career

10. PURPOSE
To assist prospective retirees in
preparing their Personal Retirement Plan
for a healthy, secure and fulfilling life
upon retirement
10

11. To assess early preparation
for post service life with a
view to outlining way forward
AIM
11

12.  Assist retirees to make a smooth transition from their
current working lifestyle to that of life after retirement
 Create awareness of challenges in life after retirement
 Equip retirees with enough information on managing
important aspects of their lifestyle
 Overcome anxiety and concerns about this major change in
their lives
 Identify issues that need to be addressed for a fulfilling
retirement
 Approach retirement positively and enthusiastically as event to
be looked forward to, welcomed and enjoyed
 Prepare a Personal Retirement Plan for implementation
Learning Outcomes
12

13. PRE-RETIREMENT MODEL
CURRENT STATE
( Where am I now? )
DESIRED FUTURE STATE
( Where I want to go? )
PERSONAL CHANGE AGENDA
( How do I get there? )
My Personal
Retirement Plan
Where I
will be
Housekeeping
Retirement
Readiness
Assessment
13

14. Retirement to People at Different Ages
It's a
distant
dream
It’s not a
concern
It's a minor
concern
For those 50 and
beyond, it's a reality
that must be dealt
with
14

15. Overview
of
Retirement
15

16. Nancy K. Schlossberg, Counseling
Psychology Professor, University of Maryland,
What is Retirement from Service?
"Retirement implies
that you're just leaving
something"
"But it is really a
career change. You are
leaving something that
has been your primary
involvement, and you
are moving to
something else."
16

17. What is Retirement from your Company?
"Retirement can be a roller
coaster because you are changing
so much about your life - your
work role, your relationships, your
daily routines, your assumptions
about yourself"
"All that is in flux, and
it takes awhile to get
comfortable with a new
life."
Nancy K. Schlossberg, Counseling
Psychology Professor, University of Maryland,
17

18. Picture Your Retirement
18

19.  Dark colours?
 Sad looking faces
 Inactive or boredom?
 No more freedom?
 No purpose in life?
 The future is gloomy?
Picture Your Retirement
What does your Picture look like?
19

20.  Bright colours?
 Happy looking faces
 Full of activity?
 New freedom?
 New purpose/challenge?
 The future is bright?
Picture Your Retirement
What does your Picture look like?
20

21. How many more
years will I live?
What kind of
lifestyle do I
expect?
What kind of lifestyle
changes do I have
to make?
Where do I
want to live?
Can I outlive
my money?
Where am I now
in my journey
toward retirement?
Do I need 100
million Naira to
retire well?
What do I want my
retirement to look
like ?
What kind of mental
and emotional changes
will come with my
retirement?
Is retirement the beginning of
an inevitable decline in
health, wealth &
independence?
Do I dread retirement -
worry about getting old
& being a burden on my
family?
Key Retirement Questions
21

22. Designed & Developed by : Wong Yew Yip ~ Updated 1 August 2021
Fear of Retirement
22

23.  Older adults who categorize
themselves as old and frail
encourage attitudinal and
behavioural confirmation of
that identity
 “If people think that they are
old and frail, they will act like
they're old and frail.”
Study conducted at University of Exeter
Medical School (April 2013)
Retirement Study
23

24. Optimum Strategies for Creativity and Longevity
By Sing Lin, Ph.D. 林星雄博士
National Taiwan University AlumniAssociation
– Greater New York March 2002
Age at
Retirement
Average Age
At Death
49.9 86
51.2 85.3
52.5 84.6
53.8 83.9
55.1 83.2
56.4 82.5
57.2 81.4
58.3 80
59.2 78.5
60.1 76.8
61 74.5
62.1 71.8
63.1 69.3
64.1 67.9
65.2 66.8
Optimum Strategies for Creativity & Longevity
24

25. WORRIED
& TIRED
AGELESS
EXPLORER
COMFORTABLE
& CONTENTED
LIVE FOR
THE PRESENT
Four Faces of Retirement
25

26. LIVE FOR THE PRESENT
• Dream of having time, to do
things they did not have for
earlier in life
• Ready for something new &
exciting
• Burden with worry & regret they
did not adequately prepare
financially for retirement
• Worst possible scenario for
retirement
• Expect little out of life
• Living anything but their golden
years
• Days are filled with anxiety
• Life is simply winding down
WORRIED & TIRED
AGELESS EXPLORER
• Living life of activity &
independence
• Freedom, flexibility, recreation &
personal growth
• Not fearful about retirement
years
• Like a good pair of shoes, it fits
just right
• Content simply to relax & enjoy
the golden years
• Stress free
• Relax, travel or play but not work
• Independent, secure & perfectly
happy with life as it is
COMFORTABLE & CONTENTED
Four Faces of Retirement
26

27. 1. Financial Planning
2. Working Options
3. Social Support
4. Lifestyle
5. Health
6. Time Management
7. Estate Planning
8. Housing
EIGHT CATEGORIES
27

28. Why is change needed?
Many times, in order to survive
we have to start a change process
We sometimes need to get rid of old
memories, habits and other past traditions
Only freed from past burdens, can we take
advantage of the present 28

29. 29

30. The eagle has the longest life-span
of its’ species 30

31. But to reach this age,
the eagle must make a hard decision.
It can live up to 70 years
31

32. Its’ long and flexible talons can no longer
grab prey which serves as food
In its’ 40’s
32

33. Its’ long and sharp beak becomes bent
33

34. Its’ old-aged and heavy wings,
due to their thick feathers,
become stuck to its’ chest and
make it difficult to fly.
34

35. Then, the eagle is left with only two options: die or go through
a painful process of change which lasts 150 days.
35

36. The process requires that the eagle fly
to a mountain top and sit on its’ nest.
36

37. There the eagle knocks its’ beak against
a rock until it plucks it out.
37

38. After plucking it out, the eagle will wait for a new beak to grow back and then it
will pluck out its’ talons.
38

39. When its’ new talons grow back, the
eagle starts plucking its’ old-aged
feathers.
39

40. 30 more years
And after five months, the eagle takes its’ famous flight of
rebirth and lives for
40

41. Many times, in order to survive
we have to start a change process.
Why is change needed?
We sometimes need
to get rid of old memories,
habits and other past traditions.
Only freed from past burdens,
can we take advantage of the present.41

42. Planning for
and
Living in
Retirement
Part 2
42

43. Eight Ways to Prepare for Retirement
Review & Plan
Finances
1
Review Will
& Trust
2
Review
retirement
needs & goals
Personal
Retirement 3
Plan
4
Getting Along
with People
5
Develop
healthy
lifestyle
6
How to spend
your time
Personal
Development 7
Next career
move
8
43

44. Personal
Retirement
Plan
Review & Plan
Finances
1
Review Will
& Trust
2
Review
retirement
needs & goals
3
4
Getting Along
with People
5
Develop
healthy
lifestyle
6
How to spend
your time
Personal
Development 7
Next career
move
8
1 Review & Plan Finances
Seek a professional Financial Planner to
review and plan your finances 44

45. What is Financial Planning?
Financial planning is
designing a roadmap for your
assets to support your
present needs and to help you
to meet your future long-term
goals
Financial planning is not just
for the rich; Indeed it is more
important for everyone who is
not so rich
Although you can do your
own financial planning, it is
advisable that you seek help
from a financial planning
professional
Source: Kanyi Daily News
45

46. 3 Simple Steps in Financial Planning
3
Decide where
you want to be
1
2
Find out where
you are now
Plan how
to get there
46

47. Decide Where You Want to Be
1.Set Goals
2.Prioritize
3.Investment Attitude
47

48. 2 Find Out Where You Are Now
1. Personal Balance Sheet
2. Personal Spending
3. Personal/Family Survivor
Needs Analysis
4. Financial Independence
Analysis
5. Children Education
Planning Analysis
6. Investment Analysis
48

49. 3 Plan How to Get There
1. Set financial independence goal
2. Customized Personal Financial
Plan
3. Implementation Steps prioritized
4. Appropriate products and
programs
5. On-going communication
6. Review, update, monitoring
program
49

50. ₦ Do I know my financial standing - my assets & commitments?
₦ Can I determine my retirement expenses?
₦ Can I determine how much I need to maintain the same standard of
living after retirement?
₦ How can I develop a Retirement Income Plan?
₦ How do I conduct a personal financial analysis?
₦ How can I decide on what to do with my retirement funds?
₦ Do I know what are the best investment options?
₦ How do I review my insurance coverage - life, health, homeowners
and auto insurance policies?
₦ How much should I set aside emergency funds?
Questions You will be Asking
50

51. How can a Financial Planner help?
 Spend time with you in
thinking through your priorities
 A gatekeeper to help you
spot where not to invest
 Remind you to stick to your
goals and values
 Paint financial pictures for
you so that you can see your
financial future
 Help you work through how
much to leave to your children
 Tailor made solutions to
your constraints and
problems
Source: Getty Image
51

52. Review & Plan
Finances
1
Review Will
& Trust
2
Review
retirement
needs & goals
Personal
Retirement 3
Plan
4
Getting Along
with People
5
Develop
healthy
lifestyle
6
How to spend
your time
Personal
Development 7
Next career
move
8
2 Review Will & Trust
Seek professional Wills & Trusts services
to review your Will & Trust 52

53. What is a Will?
 A legally binding
document by which an
individual signifies his
wishes as to the
distribution of his estate
 A Will will ensure
efficient distribution of
assets and may include
specific instructions to
specific persons and
cater for special
circumstances
53

54. Concept of a Will
Beneficiary
Testator
Executor
One who makes a Will
Person appointed by
testator in his Will to
carry out/execute the
directions and requests
therein
Person named in the
Will to receive
property or benefit
A Will is a valuable document and should be kept in a safe
place or deposited with a Custodian for safe-keeping
54

55. What is a Trust?
 A legal relationship that begins when a deed of trust is signed
 The Settlor (client) transfers the assets to the Trustee
 The Trustee holds the assets and administers the same in
accordance to the deed for the benefit of Beneficiaries
The
Settlor
The
Trustee
The
Beneficiary
55

56. ₦ Do I know the why and how a will
can protect my assets and help
reduce estate taxes & other costs?
₦ Do I know why the need and how
to set up a trust?
₦ Do I know why the need for Estate
Planning?
₦ How can I review beneficiary
designations to make sure that me
and my beneficiaries are
appropriately protected?
Questions you will be asking
56

57. Review & Plan
Finances
1
Review Will
& Trust
2
Review
retirement
needs & goals
Personal
Retirement 3
Plan
4
Getting Along
with People
5
Develop
healthy
lifestyle
6
How to spend
your time
Personal
Development 7
Next career
move
8
3 Review Retirement Needs
& Goals
57

58. Work vs Retirement
WORKING LIFE
 Revolved around a fixed routine of getting up early and
beating the traffic to get to the office on time
 Each day is filled with tasks, meetings, appointments or
meeting customers
 What needs to be done is more than what we can handle and
we are worn out by the time we reach home after going
through another round of traffic congestion
 A boss to look over ourshoulders
 We are in a rat race
 We wish we have more time and less stress
 We are so used to the daily work routine for the past 30 years
58

59. RETIREMENT FEARS
1. Too much time/not enough tasks to fill
days
2. Clock seems to tick slower and each day
seems longer than usual
3. At a loss as to what to do with all the
free time at our disposal
4. Whole world has abandoned us and we
yearn to be at work - never mind stress
5. That we are no longer in demand irks us
6. No more phone calls/emails from
colleagues
7. Feels insignificant and failure of sorts
Work vs Retirement
Source: Yourlifechoices.com 59

60. RETIREMENT REALITY
1. Our wishes to have more time
and less stress are answered
2. Getting away from it all and get
a well-deserved rest and enjoy
the fruits of my life
3. Our mind is free at last and can
start planning all the things we
wish to do
4. We treasure our new found
freedom and do what we like
5. It's time for self-discovery
Work vs Retirement
Source: Getty images
60

61. 2 Elements of Retirement Needs & Goals
61

62. Retirement Needs & Goals Matrix
NEEDS
• Buy a new car
• Renovate the house
• Draw up will
• Improve business skills
• Spend time with family
• Financial peace of mind
• Loss weight
• Be more computer literate
• Look for part-time work
• Exercise daily
• Invest more intelligently
• Take up a hobby
• Go on long overseas
holiday
• Reconnect with old friends
• Play more golf
• Write a book
• Help siblings financially
• Do charity/voluntary work
• Take part in singing contest
N
O
W
L
A
T
E
R
WANTS
62

63. Complete Your Retirement Needs & Goals Matrix
NEEDS
What are your NEEDS
NOW
What are your NEEDS
LATER
What are your WANTS
NOW
What are your WANTS
LATER
N
O
W
L
A
T
E
R
WANTS
63

64. Review & Plan
Finances
1
Review Will
& Trust
2
Review
retirement
needs & goals
Personal
Retirement 3
Plan
4
Getting Along
with People
5
Develop
healthy
lifestyle
6
How to spend
your time
Personal
Development 7
Next career
move
8
4 Getting Along with People
64

65. Why the Need to Get Along with People?
Retirement changes the dynamics of relationships
 At work, you need to get
along with your boss and
your subordinates need to
get along with you
 Upon retirement, all these
change
 More importantly, this
affects your relationship
with your spouse and
children
65

66. Characteristics of Social Styles
• Reserved or composed posture
• Actions controlled or careful
• Wants facts or details
• Serious gaze/minimal gestures
• Limited facial expression
• Little sharing of feelings, personal
information or storytelling
• Shares information about task
TASK
DIRECTED
• Uses voice to emphasize ideas
• Loud, clear and direct
• Quick or fast-paced
• Makes statements more often
than asks questions
• Tends to lean forward
TELL
DIRECTED
• Seldom uses voice to emphasize
• Quiet and indirect
• Deliberate, studied or slow-paced
• Asks questions more often than
makes statements
• Tends to lean backward
ASK
DIRECTED
• Relaxed posture
• Wants acknowledgement /support
• Friendly gaze/varied gestures
• Animated facial expressions
• Shares feelings, tells stories,
reveals personal information
• Limited discussion of facts
• Focused on relationship issues
PEOPLE
DIRECTED
vs
vs
66

67. Pleasing Personality
Your pleasing
personality is your
greatest asset or
liability
It embraces
everything you
control, your mind,
your body, and your
soul
Source: Getty Images
67

68. 20 Golden Rules for Getting Along with People
1 2 3 4 5
6 7 8 9 10
68

69. 20 Golden Rules for Getting Along with People
11 12 13 14 15
16 17 18 19 20
69

70. Designed & Developed by : Wong Yew Yip ~ Updated 1 August 2021
For the
next 4 Ways,
there are
100 Things
you can do!
70

71. 71

72. Energize Your Life - 25 Tips
72

73. Energize Your Life - 25 Tips
73

74. 74

75. 75

76. Dream what you want
to dream Go where
you want to go
Be what you want to
be Because you have
only one life
And one chance to do all
the things You want to do
Source: Getty Images
Living in Retirement
76

77. 77

78.  Life Long Learning is about a
learning continuum and an
ongoing acquisition of
knowledge and skills throughout
your life
 Life Long Learning is in
preparation for, and in response
to, the different roles, situations,
and environments that you will
encounter in the course of your
lifetime
In short, Life Long Learning is
“Learning Forever”
Life Long Learning
Personal Development
78

79.  Commit to pursuing own learning and
development needs
 Invest time, energy and resources
required to develop own potential
 Always have a book to read when you
have the time
 Develop a “To Learn List”
 Get more intellectual friends
 Learn in groups
 Teach others
 Unlearn assumptions
 Start a project
 Follow your intuition
Life Long Learning
Personal Development
79

80. 80

81. Just the closing of
one door of
happiness
Retirement from
Service is. . .
Another door of happiness
opens, but often we look so
long at the closed door that
we don't see the one which
has been opened for us
Next Career Move
81

82. Retirement will indeed no longer
signal the end of working, but
more so a career and lifestyle
transition, where the retiree has
multiple options
Continuing to work
(though perhaps at a
different pace) Returning to classes
for additional
training/education
Changing careers
Venturing into
entrepreneurship
Becoming involved
in volunteer work
Simply enjoying
leisure and travel
possibilities
Next Career Move
In short, it's a mix of working, learning, relaxing, and trying new things
82

83. Use the MPS Process
Using MPS Process, ask yourself 3 crucial questions:
The MPS Process was created by Harvard professor and best-
selling author, Dr Tal Ben-Shahar, and was published in his
book, "Happier.”
 What gives
me PLEASURE?
 What gives
me MEANING?
 What are my
STRENGTHS?
Source: Getty Images
83

84. Use the MPS Process
Here are the answers someone came up with:
Meaning Pleasure Strengths
Helping team members
who are struggling with
their work.
Teaching others new
skills.
Working through difficult
problems.
Classical music.
Running.
Meeting new
people.
Reading.
Being organized.
Helping others.
Solving problems.
Being empathic.
Staying calm in a
crisis.
 Obviously, there are overlaps between helping team members, helping
others, and being empathic.
 You can craft a role that combines all of these to find fulfilment
84

85. 1 What are your skills?
2 What can you do?
3 What can't you do?
4 What fields would you like to work in?
5 What lifestyle do you want to have?
6 Do you want to work from home?
7 Do you want to travel as part of your career?
8 Do you want to work in a structured setting like an office?
9 Would you rather work for yourself?
10 What salary fits your needs?
11 How much money do you need to live now, and when you retire?
12 Can you take a pay cut?
13 If so, how much of a pay cut would you be willing to take?
Choose a career you can enjoy, not just a new way to make money
Discover Your Strengths and Weaknesses
85

86. ACTION POINTS
86

87. Prepare your
Personal Retirement
Plan for a healthy,
secure and fulfilling
life upon retirement
YOUR BEST DAYS
ARE AHEAD OF
YOU!!!
My Retirement Plan
87

88. Specific
Attainable
Measurable
Enjoyable
Use “SAME” Principle (instead of SMART)
88

89. Financial Planning 1. Create a budget
2. Organize your finance
3. Savings Plan
4. Improve your credit score
5. Financial emergency
6. Eliminate credit card debt
7. Early loan settlement
8. Retirement Planning
9. Investment
10. Insurance
11. Estate Planning
12. Education
Action Plans - SELF
89

90. Financial Planning
EXAMPLES
1. Save a certain sum for my retirement
2. Buy a bigger house
3. Settle all my loans
4. Save enough funds for my children’s
education through university
5. Accumulate for my emergency fund
6. Choose a regular savings and
investment plan
7. Purchase appropriate types & amounts
of insurance coverage
8. Make a will and estate plan
Action Plans - SELF
Source: Alamy 90

91. PERSONAL
WELLNESS
PHYSICAL
ACTIVITY
PERSONAL
HEALTH
NUTRITION
MENTAL
Wellness Wheel
Wellness
Action Plans - SELF
91

92. 1. Body Mass Index (BMI) level
2. Frequency of medical check-up
3. Key health readings - pressure,
sugar, cholesterol
4. Stress level
5. Happiness level
6. Hours of exercise per week
7. Mental health exercises to boost
thought process
8. Balanced diet - healthy eating
habits & supplements
Wellness
Action Plans - SELF
Source: Getty Images
92

93.  Emotional intelligence is the
ability to manage our emotions
and those of others
 Our emotions affect how we
think and act
 Our emotions affect others
 In your personal life, your
reaction to stressful situations
might be to start shouting,
cursing or getting angry
Managing your
Emotions
Action Plans - SELF
93

94.  These types of behaviour could
seriously harm your
professional reputation, as well
as your productivity
 The most common negative
emotions experienced are:
 Frustration/irritation
 Worry/nervousness
 Anger/aggravation
 Dislike
 Disappointment/unhappiness
Managing your
Emotions
Action Plans - SELF
Source: shutterstock 94

95. 1. Love
2. Affection
3. Time
4. Happiness
5. Care
6. Appreciation
7. Family activities
8. Home
9. Food
10. Encouragement
11. Security
12. Safety
13. Car
14. Holidays
15. Rewards
16. Pocket money
1. Love
2. Affection
3. Time
4. Happiness
5. Care
6. Appreciation
7. Family activities
8. Trouble free
9. Cleanliness
10. Tastiness
11. Thrifty
12. Understanding
13. Trust
14. Loyal
15. Demanding
16. Independent
me family
FOR THE FAMILY FROM THE FAMILY
Action Plans - FAMILY
95

96.  Amount of contributions raised/made to
charity
 No. of hours of voluntary/community service
 Help associations for people with disabilities
 Pints of blood donated
 No. of children adopted
 No. of students sponsored for further
studies
 No. of traffic offences committed
 Teach life skills for free
 Recycling
 Pay tax promptly
 Register as an organ donor
Social
Action Plans - SOCIAL
Source: Kevin J. Beaty/Denverite
96

97.  Be the expert - never stop
perfecting your trade
 Set realistic, achievable career
goals for yourself
 Learn through your mistakes and
never allow the fear of making one
hold you back
 Have an open mind and learn to
embrace the corporate culture
 Maintain a positive attitude even in
moments of stress - makes you
appear confident and in control
Career
Action Plans - CAREER
97

98.  Never give up on a task -
learn to readjust your
approach when necessary
 Find a mentor to advise and
counsel you
 Broaden your circle of
influence and network of
contacts
 Work smart
 Be passionate
Career
Action Plans - CAREER
98

99. 3 things you CAN'T do if you hope to have a happy
and contented retirement
1. MAINTAIN A STATUS QUO
Life-as-usual mindset. If you do not eliminate fear, uncertainty and doubt from your
life... and replace it with a true "Ageless Explorer" mindset, there is no possible way
to have a happy and contented life. Believe that you can and you will. Simply take
the actions winners take.
2. WISH AND WAIT FOR THINGS TO CHANGE
It's not that times are changing. It's that times have already changed. If you do not
find a way to grow in this brutal environment... any hope for success will die on the
vine with you. The key is to embrace this change and grow with the flow.
3. GO IT ALONE
If you attempt to achieve your hopes and dreams on your own, you could loose all
hope and find yourself in the self-fulfilling prophecy of turning GLOOM into DOOM.
You need your family, close relatives and close friend to help and guide you along.
3 Things You Can’t Do
99

100.  Why do I exist?
 How can I make a difference?
 How can I be remembered?
 How can I add value to the lives of
others?
 What legacy I leave behind?
 How do I want to live?
 What is most important to me?
 What is my deep driving desire?
My Life’s Purpose
Source: Getty Images
100

101. 101

102. 102