Entrepreneurship and retirement in Nigeria: Models for employment sustainability

Abstract

Retirement is an inevitable process. Extant literatures have shown that different categories of workers are either disengaged naturally or suddenly from their jobs. Incidentally, most workers fail to either plan or plan adequately for these processes; hence, rejoining the league of unemployed either as youth, agile adults or aged. This has inadvertently exacerbated the challenges of unemployment and resulted in unpleasant issues such as frustration, depression, criminal vices, health challenges, poverty, diminished living standard, as well as premature death. However, retirement can be worthwhile when retirees maintain social and economic relevance. It is against this background that the study explores motivation for embarking on business ventures and alternative entrepreneurial models which could support job creation and youth mainstreaming among would-be retirees and retired personnel. Using Atlas.ti 8.4 package, thematic and content analysis were drawn from interviews conducted among the target group. The study finds models such as investments, re-training, parallel systems, spousal overseers and partnerships as options for currently engaged workers to create alternative jobs for themselves and even employ upcoming youths either as employees or mentees. Thus, the study proffers annexable options to current and prospective retirees on entrepreneurial dimensions that can engender sustainable employment and living standards during and after retirement from active service.