ROLE OF PRERETIREMENT EDUCATION ON POST-RETIREMENT LIVES OF RETIREES FROM INSURANCE COMPANIES IN NIGERIA

N. G. ALLI; J. AINA; K. GANIYU

N. G. ALLI Department of Insurance, School of Business and Management Studies, Federal Polytechnic, Offa, Kwara State, Nigeria.
J. AINA Department of Insurance, School of Business and Management Studies, Federal Polytechnic, Offa, Kwara State, Nigeria.
K. GANIYU Department of Insurance, School of Business and Management Studies, Federal Polytechnic, Offa, Kwara State, Nigeria.

Keywords: Retirement, Preretirement, education, Preretirement education, insurance, Nigeria.

Abstract

The choice to retire is a major conscious choice, and it is hoped that these days as workers retire, they would have more years of productive life ahead of them. However, a switch from a job situation to one where there would be no order and no one asking workers what to do might be the greatest change in the life of the individual, and they need to be equipped. Offering prospective retirees within the insurance industry, a preretirement education is a major way to see to the betterment of the retirement of employees. This study determines the role of preretirement education on the satisfaction of post-retirement lives of the Nigerian insurance industry retirees using selected insurance firms as a case study. A research questionnaire was used to elicit required information from retirees who retired from the Nigerian insurance industry. Three (3) hypothetical statements were formulated and tested using a one-sample T-Test on SPSS version 20. The study found that the Preretirement course received by retirees from the Nigerian insurance industry was indeed satisfactory, and preretirement education does improve the post-retirement lives of retirees from the Nigerian insurance industry, and lastly, preretirement education offered to retirees from the Nigerian insurance industry before retirement was indeed comprehensive. The study recommends that the government should further enforce compliance for conducting preretirement education as part of an employer's responsibilities towards their employees before retirement across all industries in Nigeria.