Individuals approaching retirement age have been advised to plan and reassess their financial situation to ensure both economic stability and psychological well-being, thereby avoiding the pitfalls of retirement from service and the challenges of old age.
Presenting papers on “Managing psychological well-being and financial stability in retirement” and “Implications of Nigeria’s emerging tax policies on retirees”, by Dr Tunde Puke and Dr Segun Ajayi, respectively, they counselled that early investment in self-development and other productive ventures is critical towards assuring psychological balance and financial stability at old ages after retirement.
They spoke at the 2025 reunion meeting of the Old Boys (1977-1982) of the Abdul Aziz Atta Memorial College, Okene (AAAMCO), held in Abuja.
Dr Puke, in his paper, reminded participants that soon after retirement, their incomes would drop, they would have advanced in age, and they would begin to experience psychological effects such as isolation or loneliness, having left the social groups they were accustomed to while in active service.
He maintained that such a situation causes apprehension and psychological imbalance, which most times lead to unusual health challenges.
He, however, said such ugly health conditions could be avoided or mitigated if one had commenced early in life to plan for oneself while working.
He proffered that financial stability and psychological well-being could be sustained through investing in businesses for secured regular incomes, acquisition of educational skills, learning new skills to enable one to work from home, maintain savings, participate in the Contributory Pension Scheme among others.
On his part, Dr. Segun Ajayi encouraged aging individuals to invest or establish small scale businesses which are free from the current tax policies of the federal government.
He urged all to ensure that in their various local governments and states, they are active in keeping the government on its toes and accountable for every money spent because most of the funds being distributed to the three tiers of government are derived from taxation of citizens and their businesses.
Earlier at the event, the chairman of the organising committee, Dr Tunde Puke, recalled in a welcome address that for the past 43 years members had remained ever courageous and never defeated, just as they were trained in the college.
According to him,”For 43 years, we have been resilient, we have been beaten, different economic situations, political and social conditions have battered us. Some have had severe financial consequences for our well-being. Some have impacted on our psychology, yet we have kept faith, and today we are here to celebrate ourselves.
“No matter the circumstances, among us today, we have Doctors, Legal practitioners and Senior Advocates of Nigeria, Professors and Lecturers, traditional rulers, which God has made possible. In 2027, while AAAMCO will be celebrating its centennial, we will be marking the golden jubilee of our founding. 2027 is going to be a special year for us. Even as you’re leaving here, begin to think about 2027.”
Also speaking, the chairman of Set 82, Alhaji Ibrahim S. Ibrahim, expressed gratitude to God for keeping them alive.
“We stand as a family united by the bond of shared experiences, which are so memorable to us. Our esteemed teachers, we express our deepest gratitude for shaping our minds, inspiring our curiosity and guiding us towards excellence. Their dedication, in particular, left us with indelible marks on our lives.
“To my fellow Old boys, I invite you to take a moment to reflect on our journey that has brought us to this moment, from the excitement of the first day in school, the friendship we formed and the lessons we learnt. Our lives in secondary school laid the foundation for the people we are today.
“As we celebrate our achievements, we should also acknowledge the challenges we faced and the lessons we learnt along the way. We remember the trials and setbacks, the laughter and tears, we remember the moments that shaped us, the memories that linger and friendships that endured.
“Today, we gather not just to reminisce but to celebrate the past and look toward the future. We come together to reconnect and to recharge.”
Dr Ajayi further urged his Old Boys to explore the opportunity of meeting to inspire, to motivate one another, to share experiences and to honour the legacy of their alma mater by continuing to strive for the excellence they had been known for, to make a positive impact in their various communities or wherever they find themselves and leave a lasting legacy.
While responding, the principal of the college, Paul Amoh Orobo, who Dr Sadiqi Ibrahim represented, extended appreciation to the Old Boys of the college.
He noted that the College has undergone various changes and has produced many personalities who occupy important positions and make their mark in the country since its establishment in 1923.
Orobo, however, said that despite the challenges facing the college, it remains the academic giant it has been noted for in WAEC and NECO result analysis, as the college has never scored below 85 per cent.
He enumerated that some of the challenges facing the College include perimeter fencing of the school, a lack of seats and desks in the classrooms, a lack of security personnel, and a lack of a School bus.
He, however, acknowledged the contributions of some sets of the school and the timely intervention of Sen. Natasha Uduagha-Akpoti in the remodelling and upgrading of some projects, as well as the tarring of the school’s roads.
