Should you plan for your old age?

A Benin (Nigeria) adage says that "If you don't make provision for your old age, don't expect a blissful old age." Another popular one is "Make hay while the sun shines." It is very important that African governments make state pensions a priority. Those who serve meritoriously should get something in return for their service to the state. There should be an agency that should be responsible for collecting whatever the government mandate individuals to contribute to the pension system and deternines what individuals get when they retire. Individuals no doubt should have a plan B just in case the government is not forth coming. Because of corruption and instability in the government, it is very imperative for individuals to save towards their retirement. Also, investing in real estate, stocks and mutual funds will go a long way in helping individuals at old age. Some of the old people indulge in petty businesses and farming.

Now in my mid forties, I am planning to live well in my old age without suffering or liability on anyone. I am not going to depend on government benefits because in my country it won't help much. I am investing in the soil (tree crops plantation). I once visited an old man who bought his coffin and prepared his grave while he was alive. He even bought his suit while he could be in his coffin. He didn't want any one to be tasked for his funeral service. But again, one cannot be too show to live to that age. God is the One that has my life. He has my days numbered. I am living by His grace, and as such should plan well. Strong and hard working people live better and peaceful life in their old age.

Thanks,

George Tengbeh
Voinjama, Liberia

My greatest fear in life is my future, i dont what future have for me but i need to work hard in my early age and save for the future. The life cycle means we should save for future.

simple. for me, in principle and abiding to tradition and culture, it is your family's duty to care for you. I am young still but i accept that one day I will look after my parents and possibly aunts and uncles if necessary. Why? because the familial system is built on the understanding that when you could, you contrib...uted to the family and so out of respect you have the right to benefit from your investment and younger generations will also benefit from having you around and having access to your life-taught wisdom. Similarly, just as you invest in your family you have invested into the country, and so out of respect and acknowledgement of this, the government is also responsible for your upkeep.

planning for your old age is a good thing, as nobody likes to be bother or disgrace in their old age. By what means most people in Africa are going to plan for their old age remains uncertain.Workers are underpaid and cannot afford to set aside a cent. There is no systems in place to protect the workers' interest or give more benefits. Planning for the old age should be the centre of every government policies in Africa. There are more resources in Africa to put to meet this target. If the leaders are prepare to use these resources wisely. Africa will move forward if each government in Africa start to think about the future of their people by providing comfortable environment for those that work for the country.

It’s a good idea to start preparing for your old age from your very first salary you lay hands on although most Africans believe that it better to use all your resources to educate your children and other family members who in return are expected to take care of you during your old age.
This belief is mostly failing because most of the family members including your own children may tend not to take that responsibility. With this I strongly believe that one should prepare for his/her old age if you don’t want to die a homeless person. Depending on someone the government inclusive to help you out during your old age is like playing lottery.

Currently I am 28 years old have four and half children this is african ways of planing for your old age. Becousei was born and what i learnt from african idea about planing for future is having large family and the idea work.

I currently have to look after my dad, but do not intend to let my kid(s) look after me..........I am putting plans in place to ensure I can retire by 40 or 50 max!! and live a good life!!

In fact, I intend to leave for my kids, rather than live off them!!

My parenets did well to look after me as farmers; I learnt very hard to reach where I am now. Since I came to Europe, it has always been the norm to send money home to care for my parents in particular and the rest of the family in general. In order words, I was fully responsible for their upkeep during their old age. Currently, I am married with three children here in Europe. Once my wife told my son to study hard in order he would be able to care for her during old age. Suddenly, my son replied: "Mama, you better work harder". The children of today do not care about the old age of their parents, unlike I did for my parents; consequently, I am working very hard towards my pension.

Depending on the level of responsibility ,different people invest in different things for their future.In African context, most families invest in their children not only for the children's betterment but also to look after them when they get old. In western world,most people concentrate more on building lucrative careers so as to have not only a wealthy living but also a good pension when they retire.It's only a percentage of people that will depend on state pesion.State pension is too meagre to sustain a good living.

My future and everyone's future is in the Hand of GOD believe it or not so,without being told,we shouldn't fold our hands but let us not run faster than our shadows to avoid much stress and live long to see our future generation.

I'm turning 30 soon and have barely made any plans. I plan to work until I drop dead (At least that is the way it has been for most African cultures.) Even if I retire from formal work life, I will have to find a job to do. I will otherwise go insane with idleness.

Several countries in Southern Africa have set up state pension Funds for government employees. This is the best thing that has happened to civil servants because the funds are properly invested and the returns have been very good over the last ten years that Botswana at least has had this arrangement in place. Of course at the peak of the financial crisis we lost up to 14% of our savings but thankfully the situation is slowly returning to normal. At retirement officers are allowed to withdraw up to a third of their money, the rest remains with the Fund or can be invested elsewhere if the officer so wishes.From this a monthly pension is drawn. This is currently working very well.