Retirement and Pensions
Retirement is when someone leaves their job, never to work again. Because they will never work again, most people retire when they are old, or when they have so much money that they don’t need to work anymore.
In Nigeria, the retirement age is 65 years – or after 35 years in service, but this applies only to the those people who work for the government. This means that when you are 65, you have to retire. But retirement means you don’t have to go to work every day anymore, you can stay home and play and hang out with your friends. Now, that sounds fun! I guess that’s why some people choose to retire before they get to the age of 65.
Because they won’t be working anymore, adults plan in advance for when they are going to retire by putting their money into a special account and saving the money. This is called a pension.
When your grandpa or grandma retires, they will get money from the account every month, almost like a salary! And that’s how they can survive without working. But the earlier they start setting money aside for their pensions, the better!