Experts Urge Diversification of Retirement Plans Amidst Escalating Inflation to Ensure Fulfilling Retirement

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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

 

.As inflation continues its upward trajectory, diminishing the purchasing power of both commodities and services, retirement planning takes on a new urgency. Experts convened at the inaugural 2024 Inspenonline Retirement Summit held in GRA, Ikeja, Lagos, over the weekend, issuing a clarion call to workers to revamp their retirement strategies for a more enriching post-career life.

The prevailing economic climate underscores a stark reality: relying solely on pension contributions may no longer suffice to sustain a comfortable retirement. Experts caution against complacency, warning that those banking solely on their pension funds risk confronting financial hardship in their twilight years.

Addressing attendees, the experts advocated for a multifaceted approach to retirement planning. They emphasized the importance of supplementing pension contributions with Additional Voluntary Contributions (AVCs) or investing in Endowment Policies offered by insurance companies. Such measures, they contend, can bolster monthly stipends from the Contributory Pension Scheme (CPS), providing retirees with a more robust financial safety net.

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Moreover, the experts stressed the need for proactive engagement with employers to negotiate comprehensive retirement packages akin to salary negotiations. They underscored the value of early introspection to identify one’s passions and aspirations, advocating for strategic planning to seamlessly transition into post-retirement endeavors.

Ms. Adeolu Adewumi-Zer, founder and managing director of ZER Consulting Africa Ltd, delivered the keynote address, urging individuals to align their retirement investments with their passions. She extolled the virtues of investing in one’s interests, presenting retirement as an opportunity for investment convergence and personal fulfillment.

Echoing this sentiment, former Allianz Insurance CEO highlighted the perils of entering retirement unprepared due to a lack of financial planning. He underscored the importance of enlisting the services of financial planners to navigate investment options and safeguard one’s wealth.

Retirement, as reiterated by the experts, signifies not an end but a new chapter teeming with opportunities for personal growth and exploration. Financial security remains paramount, yet true fulfillment emanates from a life rich in purpose and connection.

The summit also spotlighted the imperative of health consciousness, emphasizing the correlation between physical well-being and a seamless transition into retirement. Participants were urged to cultivate healthy habits to navigate retirement without undue strain.

Concluding the summit, participants were challenged to dispel the notion of dependence on employers for sustenance, instead embracing entrepreneurship and community engagement to fortify financial resilience. They were encouraged to foster enduring relationships and integrate with their communities to stave off the specter of loneliness often associated with retirement.

In essence, the summit served as a wakeup call, compelling individuals to confront the inevitability of retirement and take proactive measures to craft a future imbued with purpose, passion, and prosperity. Through collective action and strategic planning, the journey towards a fulfilling retirement beckons, promising a life enriched by meaningful pursuits and lasting connections.


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