Once upon a time, being unmarried was considered a disadvantage, however many single people have gone ahead to lead respectable and established lives. While a person may stay unmarried for several reasons, be it by choice or due to unplanned circumstances, planning your retirement as a single person does not have to be a cumbersome process. There are some key things you should consider in your quest for a secured future as you approach retirement.
- Who is your Next of Kin?
If you were previously married or never married, there is a possibility that either your spouse or one of your parents is named your Next of Kin(NOK). Either ways, there is a need to review your NOK to ensure that it alludes to someone who is agile and responsive enough to play that role, should the need arise. See the full duties of a NOK here.
- Do you have a Will Beneficiary?
You might also want to consider setting up a basic Will which clearly states who should benefit from your assets, including your pension fund, should anything happen to you. Your NOK is not automatically entitled to access the funds in your pension, you need to set up a beneficiary for that purpose.
- Have you saved enough for tomorrow?
In the case where you have mostly been dependent on your spouse financially, now is a good time to take charge of your finances in preparation for the future. To save faster, we recommend that you set up an Additional Voluntary Contribution to supplement your monthly pension contribution.
- How responsive is your PFA?
To put all these in place, you need a reliable and accessible PFA. Your relationship manager at your PFA will guide you into choosing the right payment option for your emolument. If you do not have a PFA or would like to move your account to ARM Pension, talk to us today.
- Other Investment opportunities
Perhaps your late spouse left you an inheritance, you could consider reinvesting the funds to yield more for you. Real estate, mutual funds and stocks are good investment opportunities to consider.
Should you require further information regarding any of the points raised above or general information about your Pension, send an email to info@armpension.com or call +234 (1) 2715000/ 0700 CALL ARM (0700 2255 276).
