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The phone rang for the third time and Oyebode rushed out from the bathroom with a towel around his waist to take the call. It was a call from his son-in-law to announce the birth of his first grandchild.


Oyebode danced around the room in joy as he sang song after song. He was finally a grandfather and his joy knew no bound. Having retired since 2016, he had lived a life of relaxation, giving back through volunteering for charitable causes and dreaming of when his little girl, Bose would have a baby. Today, his joy was complete.


Without even thinking, he hurried to his favorite e-commerce shopping store to order baby items. He would spare no expenses in making this child feel special. Since the coronavirus pandemic struck, he had ensured to adhere to all recommended health directives which included staying home as much as possible – hence his shopping experience had grown with the months in lockdown.


While shopping, his younger brother Jide calls and he paused to take his call. He excitedly told Jide the good news and they both sang in joy. He informs Jide that he is currently shopping for the baby and Jide gets all serious. He wants to know how Oyebode could afford that sort of shopping expenditure as a retiree who probably lives off monthly contributions from his two children.


Oyebode laughed out loud before explaining these facts:


  • During his working years, he had consistently made Additional Voluntary Contributions (AVC) to support his employer’s remittance to his retirement savings account. Now he has millions of naira to live comfortably on and doesn’t have to live off his children.

  • To ensure good management of his money and avoid splurging, Oyebode had opted for a Programmed Withdrawal (PW) method which allows him to collect his retirement savings in periodic sums spread throughout the length of his estimated lifespan. More like being on a life-long salary.

  • He sticks to a monthly budget and had started saving for this shopping spree since Bose announced that she was pregnant.

Jide’s respect for his older brother grew instantly. He had in just one call, learned three crucial lessons:


  1. The need to make additional contributions to grow one’s pension pot.

  2. The importance of a Programmed Withdrawal (PW) during retirement.

  3. The place of planning, budgeting, and saving even as a retiree.


Want to know more about Programmed Withdrawal (PW)? Get in touch via

Tomorrow is looking good!




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