By: Jacob Eagan Bright, Editor, African Voices
There are 401 ledger guide planners on “How Should I Prepare for Retirement?”
And sadly whenever retirement is mentioned our minds run to social security institutions due to calculator benefits. However “normal retirement age” varies from self-employed to institutional or organizational vocation entrenchment.
Traditionally, on organized set up the full benefit age has always been 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or later. This is indisputably agreed with the US 1983 Social Security chew out.
The Liberia Social Security and Welfare Act could be said to have been modeled in the shadow of the US Social Security or any other functional calculator benefits reading institutions and yet only death ushers the deserving entitlement to the beneficiary. The three major elements of our retirement portfolio are benefits from; Pensions, Savings, Investments, and Social Security benefits. Yet if you have the opportunity to have mingled in a well-structured professional world, you will constantly be braced with words like
”I will like to retire at so and so so age,…what about you, what age or what years from now would you like to retire from active work?“
Obviously, normal retirement age and plan are precious moments when one winds down full load of stress and pining for everything time in career offers. Some vocation offers you retirement while others seem endless. Whichever one you may find yourself in, at the normal age of retirement in Liberia has invariably become another age time to become more active and vibrant. In fact become rich!
Liberia with its population at 4.5 million, struggles to thrive on investment aspect and most private owned investment companies are managed by foreigners, who also help to determine the fate of growth. Since 2005 Liberians have discovered a happy retirement business, this business have links with prominent local based Liberians and newly flooded by Liberians who have spent their entire life in foreign countries like the US,UK and some other African countries. Church investment is the new booming business in Liberia, this emerging business have been colorfully coated by entrants of folks with their entire life spent in the US, have decided to retire in Liberia with a retirement job of owning a church. In Liberia it is common to find 3-4 churches in one street and many in a neighborhood and all these churches are today’s charismatics, still difficult to find orthodox springing up so fast. Proliferation of churches was noted in the early days as Nigerian thing, but today Liberians have shrunken those as any of those poses same quality and efficacy of a charismatic movement.