Inflation: Experts  Advocate  Alternative Financial Options for Retirement Planning

Ebere Nwoji

Finance experts have said that with the current state of the economy, pension contributions alone could not  guarantee better life at retirement advocating  alternative  financial options for retirement planning.

The experts spoke at the  maiden edition of the 2024 Inspenonline Retirement Summit held in  Lagos recently. 

They insisted that those who solemnly rely on their contributions alone for retirement, might end up living a miserable life. 

They therefore, enjoined workers to always set aside fund from their salaries for Additional Voluntary Contribution (AVC) or purchase an Endowment Policy in insurance companies to augment whatever that may be coming from Contributory Pension Scheme (CPS) monthly stipend. 

Delivering the key note address at the retirement planning summit, the Founder & Managing Director ZER Consulting Africa Limited, Ms. Adeolu Adewumi-Zer, urged workers to identify their passion earlier in life and invest in it at retirement. 

She believes this would amount to investment meets opportunities. 

Speaking, the former Managing Director/CEO Allianz Insurance Nigeria, said  most people who entered into retirement unprepared did so because they lacked financial planning, advocating  that each worker should have a financial planner who would guide him on the best investment options and helps him in the management of his  wealth.  

She said, “Most people who entered into retirement unprepared was because they lacked financial planning, it is important that each worker should have a financial planner who will guide him on the best investment options and help him in the management of his  wealth.” 

Also speaking, the former director general, Lagos State Pension Commission (LASPEC), Mrs Folashade Onanuga,said  that employers of labour must, as a matter of urgency, inculcate retirement trainings for each employee,such that,he or she could  be financially independent at retirement. 

While clamouring for Additional Pension Contributions as alternative funding option for would-be retirees, he urged retirees as well as workers to cut down their expenses by focusing mainly on what they need and not what they want.