UNDERSTANDING THE IMPORTANCE OF LONGEVITY RISK MODELING ON PENSION BENEFITS IN JIGAWA STATE, NORTHWEST NIGERIA
Oyekanmi, Dele Jerry , Hamadu, Dallah, PhD and Ashim, Babatunde Sogunro, PhD
Volume 4 Issue 1
Abstract
This study investigates the impact of longevity risk modeling on pension benefits in Jigawa State, Northwest Nigeria, emphasizing the need for tailored retirement solutions given the region's unique demographic and socio-economic characteristics. Utilizing a descriptive survey design, data from 400 retirees and active pension contributors were analyzed to understand the influence of longevity risk on pension outcomes. Key findings highlight a significant positive relationship between effective longevity risk modeling and enhanced pension benefits, underscoring the importance of financial literacy, education, and proactive retirement planning. The study recommends policy reforms for inflation-adjusted pensions, targeted support for women, promotion of financial literacy programs, encouragement of private pension schemes, and regular review of pension policies. These measures aim to improve the financial security and well-being of retirees in Jigawa State, ensuring a sustainable pension system responsive to local conditions. Keywords: Longevity Risk, Pension Benefits, Retirement Planning, Financial Literacy, Jigawa State, Policy Reforms
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