By Henry Uche
The fear of retirement remains a silent but potent burden weighing heavily on the minds of many working Nigerians, both in the public and private sectors.
Often unspoken, this anxiety is deeply embedded in their subconscious, quietly eroding peace of mind and productivity. Its consequences are far-reaching, with ripple effects that arguably rival, if not surpass, the impact of corruption on the nation’s socio-economic fabric.
Insights gathered from senior citizens across the country reveal that life after retirement can be either a rewarding phase of reflection and rest or an agonizing descent into regret, frustration, and despair. For some, retirement marks a period of fulfillment, an opportunity to relish the fruits of decades of labour. For others, however, it becomes a harrowing struggle with emotional, financial, and psychological stress, sometimes leading to depression or even premature death.
The difference between these two extremes, experts agree, comes down to one critical factor: preparation.
The unending plight of pensioners is what has aggravated the instincts for sharp practices across all government establishments even in the private sector.
The apprehensiveness, among other things, breeds dishonesty, stealing, avarice and cheating on employers’ time and other resources.
Recently, economic, risk, management and other experts converged in a retirement summit held in Lagos, for a cross- pollination and fertilization of ideas on how to help Nigerians irrespective of sphere of operation, to not only invest but save for the rainy days. Put together by Inspenonline Media, they maintained that conversations around financial security, pension systems, and the welfare of retirees should not be once upon a time discourse, but a continuous and deliberate actions taken by all key stakeholders to eradicate the malaise of retirement.
With the theme: ‘Attaining Good Retirement Amid Economic Headwinds’ they believe that socioeconomic and political turmoil that has been ravaging the country in the last decade shouldn’t dissuade anyone from planning for the inevitable end, adding that there are plethora of financial and investment expert in the country and beyond that could help guide anyone in prudent and proper management of scarce resources.
In line with its mandate establish it, the National Pension Commission is leaving no stone unturned in ensuring that retirees receive their entitlement and other benefits as and when due. With Ms. Omolola Oloworaran on the saddle, Pencom has taken different initiatives to widen its retirement savings network and social safety net to accommodate more Nigerians for a better life after active service -whether in former or informal sector. The micro pension scheme and other initiatives are visible testaments to the effect.
In a remark, the Commissioner for Insurance/Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, saw the theme of the summit not only as timely and thought-provoking, but a call for deep reflection on the growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic patterns in Nigeria.
The Commissioner opined that the current reality is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings. “These economic headwinds are not merely statistics; they represent the lived experiences of millions of our citizens. We must rise to this challenge with innovation, empathy, and resilience.
“From the insurance sector’s perspective, retirement planning must be rooted in long-term financial protection and risk management. Products such as annuities, life insurance, and retirement savings plans are not just financial instruments, they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and aligned with the evolving needs of our aging population”
Omosehin, who was represented by the Deputy Director and Head, NAICOM Lagos Control Office, Dr. Julius Odidi, assured that the economic headwinds Nigerians are facing are not insurmountable, but challenges that require coordinated action, strategic foresight, and above all, trust.
He said; “Trust in our institutions, trust in our systems, and trust in our financial instruments. To navigate this period effectively, we must focus on three critical priorities:
“Policy Alignment and Regulatory Reform: We must ensure that our policies across the insurance, pension, and financial sectors are not working at cross-purposes. Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains.
“Product Relevance and Accessibility: Industry must invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of our population. Micro-insurance and digital platforms hold tremendous potential in this regard.
“Financial Literacy and Consumer Empowerment: We cannot build a resilient retirement system without informed and empowered citizens. Early education on retirement planning, insurance benefits, and risk management must become a core part of our national strategy”
NAICOM Chief reiterated that the Commission remain committed to deepening insurance penetration, strengthening consumer confidence, fostering partnerships across the financial services system, actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, especially in addressing longevity risks and post-retirement income security.
He stressed that financial literacy remains a cornerstone of all stakeholders’ collective efforts, noting that a well-informed citizenry is better positioned to make sound retirement decisions, and it behooves on all key stakeholders to empower the citizens with the right knowledge and options, early and consistently.
“Let us be reminded that retirement is not an end, it is a new phase of life that should be marked by dignity, independence, and well-being. Let us collaborate, innovate, and advocate for policies and practices that will ensure every Nigerian retiree has not just the means to survive, but the resources to thrive. “Retirement is not the end of the road; it is the beginning of a new chapter. Let us work together to ensure that the chapter is one of hope, not hardship. We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, especially in addressing longevity risks and post-retirement income security” he urged.
Deliving a keynote, the Founder of Mutual Specialist, Mr. Adetola Adegbayi, said given the volatility, uncertainty, complex and ambiguous business reality, it’s time to personal finance expertise, not just product sales agents; a time for financial risk management expert, and not promoters of pseudo gambling; and a time for restructuring/ engineering, not financial swindling.
“It’s time for financial education specialists, not Just commissioned sales agents. We must be conscious of the “30-30-30-10” Rule: Active Life (Living Expenses, Discretionary Spending, Savings, Debt Repayment); and Retirement Plan (Bonds, Stocks & Shares, Real Estate/Property, Cash)”
Adegbayi added that it was time for national wealth management, not just national budget; a time for a calculated risk taking, not greed, saying “Those who want to take get taken”
He continued: “We need envisioning and entrustment, building reserves during active years, investing in infrastructure of the future, investing in preservation to keep reserves, upholding risk management principles, resource management and controlled release, national wealth management & gaining from others, and remember that a good retirement is a journey built on ‘delayed gratification’ he stressed.
Similarly, a former Commissioner for Insurance, Mr. Fola Daniel, explained that in today’s unpredictable economic climate, achieving a secure and comfortable retirement has become more challenging than ever. Market realities like rising inflation, market volatility, escalating healthcare expenses, and the uncertain future of social security systems, all pose significant obstacles.
However, with proactive planning, disciplined saving habits, smart investment strategies, and the flexibility to adapt to changing conditions, a financially stable and fulfilling retirement is still an attainable goal.
“The importance of early planning cannot be overemphasized. It is important to remember that no matter how busy you are today, retirement ultimately places full responsibility for your well-being in your own hands. Retirement benefits often arrive late and, when they do, rarely reflect the true value of your years of service and dedication. This reality underscores the need for proactive financial planning and the creation of multiple income streams to sustain you after active employment ends.
“Building a solid retirement plan requires early but intentional action. Rather than viewing retirement as a distant event, it should be seen as a phase that demands preparation. Setting specific goals—such as your desired retirement age, preferred lifestyle, and projected financial needs—helps establish a clear direction for saving and investing. Starting early also harnesses the power of compound interest, allowing your savings to grow substantially over time. Moreover, early planning gives you the flexibility to adjust to personal or economic changes as they arise”
The erstwhile NAICOM boss asserted that, equally important is a consideration on how one spends ones’ time after retiring as post-retirement income is seldom as stable as a regular salary, so developing alternative income sources—such as investments, small businesses, or side ventures—is essential to maintaining a comfortable lifestyle at that phase of life.
“We need smart financial practices. An effective financial management is essential when navigating economic headwinds. Diversifying investments across a range of asset classes—such as stocks, bonds, real estate, mutual funds, and agriculture—helps spread risk and safeguard long-term wealth. Practicing disciplined spending and embracing frugality further strengthens financial resilience.
“Additionally, seeking professional financial advice when needed and avoiding emotionally driven decisions can help protect retirement savings, even during periods of market volatility and economic uncertainty”
Daniel reminded Nigerians that planning for healthcare and lifestyle changes with time. According to him, healthcare is often one of the most significant expenses in retirement, therefore; making early preparation essential.
He said utilizing health savings accounts, securing appropriate insurance coverage, and prioritizing preventive care can help manage medical costs effectively. Additionally, lifestyle changes—such as downsizing, relocating to more affordable areas, or maintaining a focus on wellness and fitness—can greatly improve both financial security and overall quality of life.
“It’s also important for retirees to recognize that retirement benefits may be delayed or insufficient to cover all living expenses. This underscores the need for a well-structured personal financial plan that does not rely solely on pensions or social support systems, but ensures long-term stability and independence.
“A secure and fulfilling retirement is possible—even in times of economic uncertainty. Through consistent saving, informed investing, openness to new opportunities, and guidance from financial professionals, individuals can build a strong foundation for life after work. While challenges are inevitable, resilience, thoughtful planning, and smart decision-making can turn today’s uncertainties into a lasting peace of mind”
He emphasized that as the economy continues to evolve, the need for intentional retirement planning becomes even more critical. A comfortable and meaningful retirement is earned through preparation. With determination, strategic action, and a willingness to adapt, each of us can shape the retirement we truly deserve.
He advised: “Post retirement period is not a time for speculative investments or adventures, every investment decision by retirees must be situated in well informed professional guidance.
“Therefore, retirement adventure is not a time to acquire new spouses, except in cases of bereavement, necessitating remarriage typically for companionship. It is not a period for gambling, as losses could cause life shortening shocks. Avoid acquisition of vain titles and awards which largely serves to caress ego, drains the purse without tangible value addition.
“As we face the realities of an ever-changing economy, the importance of planning for a secure and meaningful retirement cannot be overstated. A comfortable retirement belongs to those who prepare for it today. With determination, strategic choices, and an open mind toward new opportunities, each one of us can create the retirement life we truly deserve” he counselled.