Retirement in the diaspora: are you preparing for it? Nigerians Feedback – Part 2
The feedback received provided information that you might find useful. The reader should be aware that this information is not scientific and has not been subjected to extensive statistical modeling or evaluation. Do your own research before adopting any of these suggestions from other Nigerians.
In the previous article in the ezine, Nigerians were asked to share their plans and preparations for “The Big R” retirement. Many responded, and thanks to everyone who took the time to write.
James (last name withheld) wrote: While we struggle to live up to expectations, (not that I know who the expectations are) much is wasted on things with no tangible future value. I’ve often seen that mansion in the village as a waste of valuable money, but we didn’t grow up with the culture of investing for the future.” Children are often our retirement. We need 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 hinted or expressed that they are domiciled in Europe took the position that the governments there would take care of their retirement and therefore they did not have to worry about saving additional funds. “Those from Europe and Scandinavia may not have much to share, as their pensions are relatively better secured as long as they have had an active working life and contributed to the better managed retirement pool, unlike the American 401K,” he said. a reader named Ayookun. .
While some readers who responded have totally lost faith in Nigeria for various reasons, there are more people whose belief in Nigeria is solid as a rock. Those who have dismissed Nigeria as a place to retire or invest for retirement cite common complaints from Nigerians abroad: scams by trusted family and friends in Nigeria; and poor governance. In their experience, they have been presented with great investment ideas, only to be dry-cleaned once their hard-earned money is sent to Nigeria. Jabolondon wrote this about an uncle who was duped when he invested for retirement in Nigeria: “He appointed his brother as ‘Project Manager’ and since 1994 has diligently repatriated funds for the project. Fast forward to today. His house is a level concrete blocks on a rubbish-strewn site. His brother, meanwhile, is the proud landlord-owner of a block of luxurious 4 x 4” apartments.
This has been a serious and perennial fulfillment of many Nigerians working abroad. It’s pretty damaging to all parties in obvious ways: Not only does the person who gets cheated lose their meager retirement investment, they can inadvertently ignite endless family feuds that serve no purpose. 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-he 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 have no intention of retiring there, there are eleven who urge a second look. The latter group advocates the benefits of investing in Nigeria as a retirement vehicle. A prolific commentator named Patcho pointed out something very appealing 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, feel the barefoot floor in my compound, and welcome visitors who did not need to call me or write to me before calling.”
Using the money Patcho said he sent home over the years, his relatives in Nigeria have helped him amass 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? bringing our retirement funds to enjoy and help further develop Nigeria?
Cajetan Nwagbara has this edited recommendation: “Go to any city in Nigeria and buy a plot of land. Develop it, build at least 12 apartments and rent them for N25,000 each apartment per month. One can conveniently live on N300,000 income, if you have a personal home and a decent car. It is a good idea. Frankly, a retiree in a lower-middle-cost part of the United States can get by 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 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. He said, “I’m just waiting for my parents to join their ancestors, so [will] erase and erase that name NIGERIA from all available lexicon”.
Those are sincere words from someone who obviously loves Nigeria but is deeply disappointed in what Nigeria has become. It’s a sentiment quietly shared by many Nigerians, especially those in the diaspora. These Nigerians resent the leadership in the country that fostered the conditions that forced them to leave their familiar surroundings and reside abroad, even as many who want to leave Nigeria look up to those abroad as the lucky ones.
The mention of retirement homes in the previous article shocked most readers. Studies show that there are many excellent nursing homes throughout the Western world, but most of them also come at a high price. From the comments, it was obvious that the prospect of going to any nursing home is too hot or too raw 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 want to avoid the dreaded dilemma of poor nursing homes.
The original article was written to awaken and highlight the importance of retiring with dignity and the need to save the necessary funds to achieve this golden age goal. You need a lot of money to do that, so stop spending and start saving like your life depends on it, because it just might.
Many of us have children, and children everywhere love their parents as much as children everywhere. Let’s not lose that point in all this healthy discussion. Yet we haven’t come this far, worked this hard, and weathered this many storms to depend on anyone else, including our wonderful and loving children. We should save them the worry of our finances. We should leave them property to cushion their lives, not saddle them with the financial hardship of caring for us in our old age.
Rokijola has an original, albeit utopian, solution: “One option will be to have nursing homes in the United States that cater to Nigerians and to have sister nursing homes in Nigeria. These nursing homes can function similarly to timeshare vacation homes.” The biggest challenge will be managing health care needs, which comes with old age.”
That’s a great idea, especially if restaurants serving authentic Nigerian food are located on the premises, like the ones near Highway 59 and Bissonnette in Houston, Texas. That area is the closest you can get to Aba, Calabar, Benin, Owerri, Jos or Lagos without leaving America. The only food better or even close would be home cooked food prepared by the spouse. Sorry to be off track, just want to say hello to Houston restaurateurs; none of which I personally know.
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 global and long-term prospects (30 years). F. Scopion wrote: “The best bang for your buck, and about the only sensible option left, is to invest in an emerging economy. Plenty of 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 yet on the list because its financial system is still too opaque. My point? Investing in property in Nigeria is more than just a good idea – there is no earthly reason why you shouldn’t, if you can. I can assure you that wealthy Americans would jump at that opportunity.”
Idi-ogi made a rather extreme appeal against overseas retirement, but softened it by suggesting investing in real estate in Nigeria. He wrote this: “Retiring abroad is not as promising as it may seem at first glance. When I was living in England, my wife conducted a survey among retired elderly people. She met an elderly Nigerian man 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 known.Same for his other supplies.The workers just left stuff on the door and alerted him by calling 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 drawback is that there is very little opportunity to finance the huge amount of money needed. A similar investment in the United States Unidos will generate minimal returns at this time, but may be easier to finance with a good credit rating.”
I also get responses that were too personal to post or that the person who sent the email didn’t want me to quote or use their names. Those answers made me think that this topic has deeper roots than I thought at first. Brothers and sisters, retiring in poverty is hell. Retirement planning and financing is not a husband’s or wife’s job; it is a family gem. First you have to think about yourself and your spouse. When you REALLY need them, Western-Union can’t pay back funds you should have saved and invested in your years of work.
It may 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 should capitalize on the attraction of funds that Nigerians have abroad both inside and outside 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 lot of time to plan and act to get results, too much stress about saving for tomorrow can rob you of the joy and blessing of hoarding today. And too much stress could cause an infinite end which makes retirement a moot point! 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.