The proportion of the Nigeria’s population that is retired is large and growing, and the
government face huge fiscal burdens because of promises it has made to provide income
security (pension) to this set of people. Improving the adequacy and quality of pension is a
priority for Nigerian government, because of the growing disenchantment by retirees over
government delays to pay new improved pension schemes. The realization that effective policy and planning must take into account what pensioners want and are prepared to take is
the impetus that the government is interested in meaningful life after retirement from public
service. The paper aims at enriching our study course on planning for retirement, providing
policy makers with reliable basis from the field that are useful for executive decisions, and to enrich would be retirees on what many retirees are experiencing and going through, to
plan and save well during work life and to prepare for challenges ahead. Infact, life in
retirement is not rosy and cosy for majority as pensioners face difficulties in getting their pays,
arrears for months accumulated, government reluctance to implement the 148% increase
and several other problems. In protecting the old and promoting economic growth, Nigeria
needs to consider comprehensive pension reforms. The research team used direct (contingent
valuation) surveys and ML –Censored Normal (Tobit) methods to estimate the number of
retirees’ willingness to live meaningful life should the government pay them arrears and implement the increase package and other types of improvement. Clearly, the methodology produced some illuminating in sights into how to decide what level of service is appropriate
for this segment of the society and how the improved services should be well implemented.