Experts Advocate Diverse Retirement Plans Amid Soaring Inflation

Kindly Share This Story:

From left: National Chairman, Forum of Pension Desk Officers, Nze Peter Nze; Managing Director Sanlam Nigeria, Tunde Mimiko; Managing Director Motodols Consults/former Director General, Lagos State Pension Commission, Mrs. Folashade Onanuga; Managing Director Universal Insurance Plc, Benedict Ujoatuonu;
Past President Chartered Insurance Institute of Nigeria (CIIN)/former Managing Director Sterlingb Assurance Limited, Fatai Lawal; Founder & Managing Director, ZER Consulting Africa, Adeolu Adewumi-Zer; Former Managing Director Sanlam Nigeria, Val Ojumah; Founder, Mutual Aid Specialists, Adetola Adegbayi; President Chartered Insurance Institute of Nigeria Edwin Igbiti and former Executive Director Unic Insurance, Tom Ogboi at the event.

 

In response to the persistent rise in inflation, experts are urging workers to diversify their retirement strategies to ensure a fulfilling post-work life. These sentiments were echoed at the inaugural 2024 Inspenonline Retirement Summit held in GRA, Ikeja, Lagos over the weekend.

Highlighting the economic challenges, experts emphasized that relying solely on pension contributions might not suffice to sustain a comfortable lifestyle in retirement. They cautioned against the misconception that retirement savings alone could guarantee financial security, stressing the need for additional measures.

The summit emphasized the importance of Additional Voluntary Contributions (AVCs) and Endowment Policies as viable options to supplement monthly pension stipends. Moreover, workers were advised to negotiate retirement plans with their employers akin to salary negotiations, fostering financial resilience in their golden years.

Ms. Adeolu Adewumi-Zer, the keynote speaker and founder of ZER Consulting Africa Ltd, underscored the significance of identifying one’s passions early in life and investing in them post-retirement. She emphasized the intersection of investment and opportunity in achieving a fulfilling retirement.

Financial planning emerged as a recurring theme, with experts advocating for the guidance of financial planners to navigate investment options and wealth management effectively. They stressed the importance of disciplined financial habits and prudent expenditure to mitigate financial pressures in retirement.

Retirement was reframed as a new beginning rather than an endpoint, with speakers encouraging individuals to pursue purpose, passion, and personal growth. They urged workers to envision their desired lifestyle in retirement and take proactive steps to achieve it, emphasizing the role of personal fulfillment alongside financial security.

Health consciousness was also emphasized, with experts advising workers to prioritize their well-being during their active years to enjoy a seamless transition into retirement. Additionally, retirees were encouraged to engage in ventures aligned with their expertise and interests, fostering community integration and fulfillment.

The summit concluded with a call to action for individuals to prioritize retirement preparation, recognizing it as an inevitable phase of life. Organizers emphasized the summit’s role in empowering Nigerians to approach retirement with confidence and foresight, mitigating the risk of entering this phase unprepared.


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: