Retirement planning and management of post-retirement adjustment of retirees in Nigeria: South-east in perspective

Abstract

Retirement planning is ideally a life-long process and it is the best way to ensure a safe, secure and fulfilled retirement. However, in Nigeria especially Southeast geopolitical zone, potential retirees hardly plan towards retirement. To this end, it became necessary to examine the likely effects of retirement planning on the management of post-retirement adjustment of potential retirees in South – East Nigeria. Descriptive Survey research method was adopted for the study. The study’s population of 13,326 was considered too large; and as such the statistical tool ofKrejcie and Morgan (1970) formula was used to obtain the sample size of 373. The study found that there is a very strong positive relationship between retirement planning and management of post-retirement adjustment challenges of potential retirees in South East Nigeria, by the correlation coefficient of 0.957 and it is significant because the p-value (0.045) is less than the significant level (0.05) at 2-tailed test. In conclusion, those who still have many years in service can still prepare for a happy retirement by adopting the strategies which bothers on adequate planning. It recommended that potential retirees should be encouraged to invest in assets and financial instruments so that at retirement they can earn additional income from these assets and financial instruments to supplement their pension income at retirement.