RETIREMENT POLICY AND POST RETIREMENT PLANNING: IMPLICATION FOR RETIREMENT PLANNING IN SELECTED FEDERAL UNIVERSITIES IN SOUTHEAST, NIGERIA.

Abstract

Retirement planning is a strategic approach that must be considered necessary by every public servant in Nigeria. The need to plan and employ coping strategies to ease the pain and problems associated with life after retirement cannot be grossed over. This study examined planning for retirement in Nigeria public service: implication on post retirement planning of potential retirees in South-East Nigeria, 2004 - 2020. Specifically, the study sought to examine the implication of the federal government policy on retirement of potential retirees in Nigeria. The study population comprised 13326 teaching staff of five Federal Universities selected from the Eastern states in Nigeria. The data required for the study were collected through a questionnaire instrument. In the analysis of data, Inferential and descriptive statistics were adopted. The hypothesis was tested using Pearson Coefficient Correlation through the application of Statistical Package for Social Science (SPSS) version 20. Findings from the study revealed that there is significant and positive implication of federal government policy of retirement on retirement planning of potential retirees in Nigeria. This study concluded that while Nigeria’s contributory pension policy improves retirement planning and reduces some risks, inconsistent and inadequate benefits limit the policy’s ability to ensure long-term security and completely reduce retirement anxiety. The study recommended that potential retirees should not rely solely on government social security in the form of pension and gratuities but need to have positive attitude toward the retirement planning to achieve adequate retirement income and happy retirement