Retirement is inevitably a part of the career life of every human. it therefore becomes so important to plan for retirement while in the active days of a work-life.
These days that the world is really hot with the coronavirus pandemic, calls for a reconsideration in work-life priorities in lieu of retirement. Covid-19 has forced the majority of workforce in many nation's to work from home, a situation that has not been since World War II.
Already, the economy of many nations are already beginning to crumble while others would be depending hugely on other nations with a rubust economy. Nigeria as a case study is already receiving help and aid from China, United States, Germany and many more. We know certainly that these are not free gifts, the nation's would have a way of digging back their pound of flesh after the whole saga.
For the economy like ours to be able to bounce back,there is expected to be much more sacrifice from the workforce as many would be expected to work more and earn less in other to meet up with the debt profile of the country.
Sad as it is, yet, it calls for a serious reflection on the part of the workforce so as to retire well. The covid pandemic which had raised fears on the older populace would have a way of reshaping retirement conditions afterwards. The health challenge has 100% death rate attributed to old age of the 4 cases recorded in Nigeria.
We are hopeful that the economy and the stock market will eventually recover and Covid-19 will be contained. Still, the current pandemic and its economic consequences could devastate the retirement prospects of some people as some of the plans soon-to-be retirees had in mind may need to be reimagined or postponed.
The world finances had already been running in the bear market with everyone anticipating the bull pump which may never come sooner depending on how severe and prolonged the pandemic is.
There would certainly be recession caused by the shutdowns of market movers and social isolation. It has been predicted that the recession would affect working hours, pressure on healthcare facilities, Senior housing needs and technology adoption. You may also consider reading the Forbes’ free report on 8 Ways Coronavirus Will Drastically Alter Boomer Retirements authored by Janet Novak.
As of today, Nigerians are losing faith in the first banking system especially aggrieved by the purported Commercial Banks support of Federal government with billions of Naira to fight the covid pandemic. Many are already hoping to seek out ways to diversify their investments and this will lead to many losing their funds to the increasing internet scams and Ponzi programs. I can remember the millions of Nigerians who lost money to the defunct Mavrodi's MMM Ponzi scheme. Many actually lost their lives to shock. Ever since, many are scared of investment.
Now that everyone have to work from home to be able to secure a good financial footing against the future, it opens up a juge market for cryptocurrency adoption. In my take, crypto investments still looks difficult and complex for the common man to understand let alone adopt. I know how much it has been difficult to explain how steem hive blockchain works and how many can enter prosperity by either investing their time or fiat.