Retirement in the diaspora: preparing for it? Comments from Nigerians – Part 2
The comments received provided information that you may find useful. The reader should know that this information is not scientific and has not been subjected to statistical modeling or in-depth evaluation. Do your own research before adopting any of these suggestions from other Nigerians.
In the previous Ezine article, fellow Nigerians were asked to share their plans and preparations for retirement from “The Big R”. Many responded, and thanks to everyone who took the time to write.
James (last name hidden) wrote: While we struggle to live up to expectations, (not that I know who the expectation is) a lot is wasted on things with no tangible future value. I’ve often seen that mansion in town as a waste of valuable money, but we didn’t grow up with a culture of investing for the future. “Children are often our retirement. We need an 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 implied or stated that they are domiciled in Europe assumed that the governments there would take care of their retirement and therefore did not have to worry about saving additional funds. “Those in Europe and Scandinavia may not have much to share, as their pensions are relatively better assured as long as they have had an active working life and paid into the best-managed retirement wallet, as opposed to the American 401K,” he said. a reader named Ayookun. .
While some responding readers have totally lost faith in Nigeria for various reasons, there are more people whose belief in Nigeria is rock solid. Those who have ruled out Nigeria as a place to retire or invest for retirement cite common complaints from Nigerians abroad: scam by trusted family and friends in Nigeria; and terrible government. In their experience, they have been presented with great investment ideas, only to take them to the dry cleaners once their hard-earned money is shipped to Nigeria. Jabolondon wrote this about an uncle who was misled when he invested for his retirement in Nigeria: “He appointed his brother as a ‘Project Manager’ and, since 1994, he has diligently repatriated funds for the project. Fast forward to today His house is one level of concrete blocks on a littered site. His brother, meanwhile, is the proud landlord-owner of a block of luxurious 4×4 “apartments.
This has been a serious and perennial fulfillment of many Nigerians working abroad. It’s pretty detrimental to all parties in an obvious way: the person who is cheated not only loses his meager investment for retirement, but may inadvertently ignite eternal family quarrels that are of no use. Those abroad who hear these (often exaggerated) stories are dissuaded from investing or planning to retire in Nigeria. The person who cheats also loses, because ori otu mgba a bughi ezi – the one who eats all the food at once starves to death once the food in his stomach is digested.
Yet for every five respondents who have had enough of Nigeria and do not intend to retire there, there are eleven who urge a second look. The latter group advocates the benefits of investing in Nigeria as a vehicle for retirement. A prolific commentator named Patcho made a point that is 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 around, feel the barefoot ground in my complex, and welcome visitors who don’t need to call or write to me before calling.”
With the money Patcho said he sent home over the years, his relatives in Nigeria helped him accumulate 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 retreating to our villages in peace and safety? bring our retirement funds to enjoy and help further develop Nigeria?
Cayetano Nwagbara has this edited recommendation: “Go to any city in Nigeria and buy a plot of land. Develop, build at least 12 apartments and rent them for N25,000 each apartment per month. You can live comfortably on N300,000 income, if you have a personal home and a decent car. ” It is a good idea. Frankly, a retirement in a mid- to low-cost part of the United States can survive 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 property. home. in the states.
Valteena summed it up this way: “Haba !!! onyeije Naija can’t be so bad for you that you want to erase it completely. Please don’t erase it. Nigeria can still do better.” That was in response to Onyeije, who wrote as if Nigeria should be wiped off the map. Said, “I’m waiting for my parents to join their ancestors, then [will] delete and delete that NIGERIA name from all available lexicon. “
Those are heartfelt words from someone who obviously loves Nigeria but is deeply disappointed in what Nigeria has become. It’s a sentiment that is quietly shared by many Nigerians, especially those from 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 those who wish to leave Nigeria consider those abroad lucky.
The mention of retirement homes in the previous article shocks most readers. Studies show that there are many excellent retirement homes throughout the Western world, but most of them also have high prices. From the comments, it was obvious that the prospect of going to any nursing home is too hot or stark 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 wake up and bring to the fore 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 wasting and start saving as if your life depended on it, because you could.
Many of us have children, and children everywhere love their parents as much as children everywhere. Let’s not miss that point in all this healthy discussion. However, we have not come that far, we have worked so hard and we have weathered so many storms that we are dependent on no one else, including our wonderful and loving children. We must spare them the worry of our finances. We should leave them property to cushion their lives, not burden them with the financial difficulties of taking care of ourselves in our old age.
Rokijola has an innovative, yet utopian solution: “One option will be to have retirement homes in the United States that cater to Nigerians, and to have sister retirement homes in Nigeria. These retirement homes can be operated similarly to timeshare homes. vacation. The biggest challenge will be managing health needs, which is a given with old age. “
That’s a great idea, especially if there are restaurants serving authentic Nigerian food on the premises, like the ones near Highway 59 and Bissonnette in Houston, Texas. That area is the closest you can be to Aba, Calabar, Benin, Owerri, Jos or Lagos without leaving the United States. The only better or even close food would be the homemade food prepared by the spouse. Sorry to ramble, just want to say hello to those Houston restaurateurs; 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, US 401K plans and Roth IRAs, as well as long-term and global views ( 30 years). F. Scopion wrote: “The best thing for your investment, and about the only sensible option left, is to invest in an emerging economy. Many smart middle-class Americans are already investing in BRICs. [Brazil, Russia, India, and China] countries that use financial instruments. Some even travel there to buy real estate. Nigeria is not on the list yet, because its financial system is still too opaque. My point? Investing in property in Nigeria is more than a good idea – there is no earthly reason why you shouldn’t do it, if you can. I can assure you that wealthy Americans would seize that opportunity. “
Idi-ogi made a rather extreme call against overseas retirement, but softened it by suggesting an investment in Nigerian real estate. He wrote this: “Retirement abroad is not as optimistic as it may seem at first glance. While living in England, my wife conducted a survey involving retired elderly people. She met an elderly Nigerian whose wife had returned to Nigeria while he was staying in Manchester. This gentleman was unkempt and disheveled. He was malnourished because his meals were pushed out the door with no opportunity for him to make his choice. Same with his other supplies. The workers simply left things at the door and They notified him by knocking on 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. Similar investment in States United will have minimal returns at this time, but it may be easier to finance with a good credit rating, “he concluded.
I also receive responses that were too personal to post or the sender did not want me to quote or use their names. Those responses made me think that this topic has deeper roots than I first thought. Brothers and sisters, retiring into poverty is hell. Retirement planning and financing are not up to the husband or wife; It is a family gem. Think of yourself and your spouse first. When you REALLY need them, Western-Union cannot back the funds you should have saved and invested in your years of work.
It might be wise to diversify and not put all your retirement eggs in one basket by investing only in Nigeria or solely in your overseas base or emerging markets. Those who govern Nigeria must capitalize on the attraction of funds that Nigerians abroad have in and out of the country, 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, the undue stress of saving for tomorrow could rob you of the joy and blessing of treasuring today. And too much stress could cause a premature end that makes retirement a moot topic! 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 abject poverty.