10/11/2020
TOP 10 WAYS TO PREPARE FOR RETIREMENT
Financial security in retirement doesn’t just happen. It takes planning and commitment and, yes, money.
Facts: Only 35 percent of Nigerians have calculated how much they need to save for retirement. In 2018, almost 30 percent of private industry workers with access to a defined contribution plan did not participate. The average Nigerian spends roughly 25 years in retirement.
Putting money away for retirement is a habit we can all live with. Making your money save up for your retirement is the best approach.
Remember…Saving Matters!
1. Start saving, keep saving, and stick to your goals
If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you’re not saving, it’s time to get started. Start small if you have to and try to increase the amount you save each month or year. The sooner you start saving, the more time your money has to grow. Make saving for retirement a priority. Devise a plan, stick to it, and set goals. Remember, it’s never too early or too late to start saving.
2. Know your retirement needs
Retirement is expensive. Experts estimate that you will need 70 to 90 percent of your preretirement income to maintain your standard of living when you stop working. Take charge of your financial future. The key to a secure retirement is to plan ahead.
Facts: Only 35 percent of Nigerians have calculated how much they need to save for retirement. In 2018, almost 30 percent of private industry workers with access to a defined contribution plan did not participate. The average Nigerian spends roughly 25 years in retirement. Putting money away for ret...