Average Retirement Income Lagos Nigeria - Free Tips To Grow Your Retirement Income.

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Average retirement income Lagos Nigeria - Retirement is a dreadful thing for millions of employees all over Nigeria. And it's not just a Nigerian problem. Retirement is something workers all over the world fear.

Why?

The simple reason is because the average retirement income is low.

Consequently, millions of people who were previously self-sufficient because of the high salaries they earned from their paid employment, lose their ability to sustain themselves and their family after retirement.

In effect, they move from grace to grass.

That is sad indeed. May that never happen to you!

The next obvious question is, "what is the average retirement income in Nigeria?"

I guess you are interested in facts and figures.

So, let's get down to it.

Retirement Income In Nigeria - The Facts

The average retirement income will obviously be calculated by dividing the sum of the retirement earnings of a group of people by the number of people involved (the sample size).

Unfortunately, I don't have retirement earnings data for a group of people. So that approach is not possible.

However, there is another way to look at the subject.

How?

Let's look at it from a practical point of view by taking a case study . . . the case of someone who has planned his retirement to some extent. This man's name is Mr. Tokunbo.

Tokunbo use to work for a multinational company that upheld the federal government policy requiring employers to open retirement savings account (RSA) for employees. So, naturally, Tokunbo got an RSA account with a reputable Pension Fund Administrator (PFA), courtesy of his company.

He didn't have to go to the PFA. His company arranged everything.

At the close of every month, the company deducted 10 percent of Tokunbo's basic salary and transferred it to his RSA account as his monthly contribution to his retirement. On the other hand, the company contributed 15 percent of Tokunbo's basic salary as the company's contribution to Tokunbo's retirement.

As a result, Tokunbo's RSA account got fatter and fatter month after month. Tokunbo was a happy man.

Sadly, Tokunbo's company faced some financial difficulties and so had to downsize. And Tokunbo was affected in the process.

However, it wasn't all bad news.

Tokunbo received 10 million Naira as his gratuity and payoff. Quickly, he decided to buy a house to ensure he would never have to face the challenge of being unable to pay his rent.

By the time he was done with buying a house, what was left was less than half a million Naira. And that was set aside for the family to feed on.

It happened that Tokunbo was not a business oriented person. So, he had spent all his life working for the company wihout looking elsewhere.

21 years of tough work.

So, when he was told to go 14 years before the mandatory retirement age, (call it early retirement), he had no business to turn to.

He was 100 percent an office man!

Therefore at this point, his average retirement income was ZERO.

Retirement Savings Account Comes To The Rescue

Just when Tokunbo was at a loss where to turn to for startup capital for a business idea he had, he remembered his RSA account. Sadly, it was on a weekend.

He promptly reported to the pension fund administrator the following week. He was told he could only collect 25 percent of the funds in his account because he was less than 50 years old.

The young lady at the customer service desk said he could only withdraw as much as 50 percent of the amount in his RSA account (as requested by Tokunbo) if he was up to 50 years old. Since Tokunbo was just 43 years old, he had to make do with 25 percent of his RSA account value.

That turned out to be 1 million Naira.

The PFA lady explained that the balance 3 million Naira left in his account would be paid monthly to Tokunbo over the next 17 years (up until when he is 60 years old).

This meant that Tokunbo's average retirement income would be 14,705 Naira per month for the next seventeen years if he didn't have any other source of income . . . another job or a business that brought in regular income.

14,705 Naira per month. That is too low for a family man!

Now, think about it.

Suppose Tokunbo did not have a retirement savings account with a PFA where he and his company deposited money month after month without fail? What would have happened to Tokunbo after he spent his final income from his company on buying a house?

Sure, he would have been absolutely and completely broke.

Now you understand how serious it is to have a retirement savings account.

Real Estate Investing And Multiple Streams of Income

There is no doubt about it.

If you fail to plan for your retirement, retirement will catch you napping. And your average retirement income may turn out to be zero or too low to sustain your family.

Nobody wants that . . . not you, not even your enemy.

My advice?

Plan for retirement by . . .

1. Devoting a sizeable part of your income to real estate investing

2. Taking my online investing strategy seriously and

3. Investing in the Nigeria stock market

When you do this, you develop multiple streams of income that will enable you enjoy a blissful retirement.

Imagine that Tokunbo (mentioned above) had at least a house of his own before he retired. He wouldn't have had to spend his last pay check on buying a house. That means he would have had at least 10 million Naira cash to invest in business.

If you guessed that his situation would have been better of if he had taken some time to build a house or buy a house while still in active service, then you're not far from the truth.

Don't want to be stuck with a miserable average retirement income like Tokunbo?

Then start investing in real estate and multiple income streams right now.

Do not delay. Do it NOW!

Related Content:

Apartment Guide ::: Apartments For Rent

Buying A House ::: How To Build A House

How To Sell Your House ::: Bank Owned Properties

Investing For Income ::: Investing For Retirement

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