Saving For Business Investment Post-Retirement

📆 8/20/2021 10:24 PM
📰 LeadershipNGA

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Planning for retirement must start when one is in active service. This is done by regularly contributing on a monthly basis to your pension account. Planning for retirement must start when one is in active service. This is done by regularly contributing on a monthly basis to your pension account. Hence, one would have accrued a lot of funds that could be useful as initial capital to start a dream business post-retirement.

Withdrawal is one of the two principal ‘retirement products’ specified by the PRA 2014. It is a product offered by PFA for a periodic payments to a retiree. It is a structured periodic withdrawal based on the peculiarities of the retiree. The Retirement Savings Account , balance is spread over expected life span of a retiree.On the other hand, Annuity Plan is an income replacement product offered to retirees by Insurance Company.

A retiree negotiates with insurance company, obtains Annuity Provisional Agreement from the life insurer, which shows premium, monthly annuity guarantee terms, among others. Money leaves RSA to insurance company to pay premium after lump sum payment. The insurance company then commence payment of monthly annuity/pension to retiree.However, lump sum is applicable to both Annuity and Programmed Withdrawal.

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