BY NURS ATTAH B.KASHIM TO DEPT OF NURSING SERVICES CONTINUE EDUCATIONS PRESENTATION FMC BIRNIN KEBBI

1. RETIREMENT AND NURSING
,MAKING LIFE
EVENTFUL,PREVENTING BOREDOM.
[SAVING FOR RETIREMENT]

2. PRESENTED
BY
NUR ATTAH B. KASHIM
ON 17TH JANUARY, 2019
DEPARTMENT OF NURSING, CONTINUING
EDUCATION MONTHLY PRESENTATION
FEDERAL MEDICAL CENTRE, BIRNIN KEBBI

3. CLOSING PRAYER
Oh God of creation,
Direct our noble cause
Guide our leaders right
Help our youths the truth to
know In love and honesty
to grow
And living just and true
Great lofty heights attain
To build a nation where peace
And justice shall reign.

4. INTRODUCTION
• In most developing countries and Nigeria in
particular,government restrict working age of public
civil servants to prevent an ageing labour force by
allowing entrants of young and able bodied to
labour for increasing efficiency and productivity.

5. This has become so necessary because as a worker
become older his marginal physical productivity of labour
[MPPL] will decline. Thus retaining such a worker in
employment at this point will amount to running the
organisation at a lost.
That is why in Nigeria statutory working age in the public
service is fixed at sixty [60] years or thirty five [35] years
of unbroken active working service before retirement.

6. WHAT IS SAVING?

7. • Preservation from danger or destruction.
• The act or an instance of economizing.
ADJECTIVE
• Preventing unnecessary spending of money.

8. WHAT IS RETIREMENT?

9. • The period of a person’s life during
which he/she is no longer working.
• A point where a person stops
employment completely.

10. contd
• Retirement is the withdrawal or giving up office work.
Decree no 43 of the public service rule [1990] defines
retirement as a final journey of a successful public
servant,entitles to pension and gratuity.
Retirement could be voluntory,compulsory and mandatory.

11. Retirement and the term “financial independence” are
often used interchangeably. Both are achieved when you
have enough savings, investment income, and/or pension
income to cover your living expenses, and so you no
longer have to work to earn income.

12. WE NEED TO ANSWER THE
FOLLOWING QUESTION

13. WHEN SHOULD I START
SAVING FOR RETIREMENT?

14. The answer is simple; as soon as you can. Ideally, you
should start saving in your 20s. This is because the
sooner you begin saving, the more time your money has
to grow. Each year's gain can generate their own gain the
next year. A powerful wealth-building phenomenon
known as compounding.

16. HOW MUCH SHOULD I SAVE?

17. It depends on your target and how much
you can. Financial planners recommend
that you save 10-15% of your income for
retirement.

18. WHERE SHOULD I SAVE MY
RETIREMENT MONEY?

19. The popular avenue of saving for retirement in Nigeria
today is through contributing pension scheme. In scheme
the employer contributes a certain percentage of your salary
and the employee also contributes the same Fix deposit
accounts

20. percentage from the day you are employed to your
retirement day.
Other schemes are
Investment
Endwell programmes

21. HOW SHOULD I INVEST THE
MONEY?

22. Yes. Investment is better started some years to your retirement. This will give you
the room for dealing with the challenge of investment.
Area to look into are:
• Landed properties e.g. houses, lands.
• Agriculture e.g. poultry, fishery.
• Pure water
• Block making
• Buying of shares

23. ONE BUSINESS IS NOT A
BUSINESS

24. “Don’t put your eggs in one basket”
A person heavily involved in just one
type investment is more vulnerable to
financial problems if the market
associated with that investment falls

25. WILL MY PENSION BE
ENOUGH?

26. Unfortunately and probably not. You should definitely
factor in other sources of income in retirement. Your
personal saving will have to generate enough income
to cover the shortfall of monthly pensions.

27. BENEFITS
• The benefit of one's 35years in service is
three years of basic salary+housing+transport
and meal subsidy allowance will be paid as
gratuity,but depends on the organisation or
ministry one is working with,while pension is
80% of the terminal salary+housing+transport
and meal subsidy allowance is supposed to
be paid to the retiree as pension.

28. WHAT IF I CAN’T SAVE
ENOUGH?

29. Try to divert as much of your earning into savings as
you can. If you don’t have a budget, CREATE ONE.
If you have a budget, revise it to reflect your
essential needs. Chip away at wasteful habits.

30. If you are still young and you can’t save enough right now, don’t
be discouraged. Your income will probably grow as you progress
in your career, allowing you to save more. You might also have
other opportunities to boost your saving rate, for example, a bonus
or inheritance can make a big difference in your long-term
prospects if you invest some of the money in retirement accounts.

31. WHAT IF I AM RUNNING OUT
OF TIME?

32. If you find yourself running short of time-say you are in your 40s or
even 50s and you have not gotten started yet; i.e. retirement savings.
There are still a few things you can do.
• Maximize your contribution to retirement serving.
• Stop wasteful expenditures.
• Start investment immediately.

33. HAVE SAVING MIND SET

34. Saving up for years makes 70-90 percent of your old
salary annually. You have to plant a seed to grow a tree,
and when it comes to saving for retirement, it can be
difficult to have the discipline necessary to pay today in
order to benefit tomorrow. When you retire sound, YOU
and your FAMILY are happy. Have a saving mind set for
tomorrow.

35. WHY HAS SOME NURSES HAVE A
NEGATIVE ATTITUDE TOWARDS
RETIREMENT?
• He/she may have a lot of social and economic
responsibilities to solve
• He/she is aware that his/her entitlements will not be paid
immediately,some time its over a yar to do so.
• He/she may not have a house anywhere on their own.etc

36. HOW TO CHANGE THIS NEGATIVE
ATTITUDE
• By preparing early enough financially and most
importantly psychologically to face the new life of
retirement
• To plan ahead for more judicious and purposeful
utilization of the retirement benefits
• To organise a workshop counsling for the retiring nurses
• To plan on how to use one's time after retirement by
visiting counselors at will,so that life will not be too dull.

37. RECOMMENDATION
• Acquaint ourself with the current retirement regulation
• We need to get married early
• We need to cultivate thrift habit by joining union
cooperative thrift and credit society
• We need to plan childbirth so that a last child of the family
would be well trained while parents still in service

38. CONTD
• The many opportunitues open to us towards house
ownership
• Essential documents should be well preserve as they may
be necessary later in computing one's retirement benefits.

39. CONCLUSION
• Disengagement from service is a normal thing and no
needs to be afraid of it.Early preparation entails advance
planning ,resultant minimization of errors.To avoid post
retirement maladjustment syndrome and sometime
premature death.
• We can learn from the ant that have no captin,overseer or
ruler provide her supplies in the summer and gather her
food during the harvest.

40. When one mention retirement,it is like a death
sentence to a lot of civil servants,many are afraid
of it. To one who has adequately prepared the
mention of it brings joy and comfort to him/her
because he has adequate prepared through
investments for their retirement.

41. Retirment in the life of a civil servants is sure and
certain,life as a whole is a stage we are born in to it,we
play our path,take a bow and the depart and the curtain
is drawn and life is no more .Although retirement is as
certain as death buth as certain as death is,very few
people even talk about it and fewer prepare for it.

42. HAPPY RETIREMENT IN
ADVANCE

43. THANKS FOR LISTENING.

44. REFERENCES
• Abdullahi A.U [2002],planning for retirement.Abuja;Bank
of the North news letter's [4] 4,january-march
• Adesina S.[1981], some basic function of
management,University of Ilorin institute of Education
publication series [1],1
• Agada E.A [2006], skilled training for effective
retirement;Government role;Ankpa ,,women in colleges of
education publication
• Balogun,A.[2006] understanding the new pension reform
Act 2004 A paper presented at the certified institute of
nigeria's membership compulsory contineous professional