ADVICE TO COLLEAGUE TEACHERS APPROACHING RETIREMENT
Every teacher in the service is a potential retiree. I have some observations and some 2cts advice.
OBSERVATIONS
1. Many teachers after 5yrs teaching stick there because you don’t want to lose your benefits. They look forward to the security of pension.
2. Benefits are calculated from basic pay not gross.
3. From my experience and enquiries, on average, monthly pension comes after about 9-10months after due date and handing over all the documents required. Lumpsum after about 15 -20 months.
4. What you get as monthly pension is approx 55% of your basic pay at the time of retirement.
5. Monthly pension alone is not enough to maintain your current standard of living.
WHAT YOU NEED TO DO:
1. By the time of retirement, ensure you do not have any pending loans, you have a house (not renting), and no child in sch, known or unknown by your family. If there is a child in sch, ensure there is a way of catering for their fees and upkeep.
2. Your grown working children should not be part of your retirement plan. Don’t expect for example that they will pay fees for their younger siblings. You may have done so, but times have changed. They have their issues too.
3. My brother, don’t get an extra wife just a few yrs before or any time after retirement, she may send you to a early grave either through her demands or having to take the blue pill for the engine to give full throttle.
4. Cultivate a good home atmosphere with your spouse and children from an early age (aka home mean score). Family is key to your enjoying retirement.
5. If you have a side hustle that is giving you equivalent of your current pay, you may consider making that side hustle the main hustle. My peers who did that have progressed tremendously. Their standard of living is way above what pension can give. Don’t die waiting for promotion or that pension, create your pension fund. there are many institutions that can help you do that.
6. Have some *true* friends in the community, Church or Mosque while still working and treasure them. Not all colleagues are *true* friends. True friends are invaluable after retirement.
7. Create something you will be doing after retirement. A business, some serious farming activity, counselling, etc. At 60 you will still have a lot of energy. Idleness can cause mental health issues. Avoid it.
