Retirement coach and managing partner at Averti Professional Managers, Inyang Sami-Orungbe, has urged Nigerians to begin retirement planning early, warning that inflation, rising healthcare costs and economic uncertainty are worsening life for many retirees.
Speaking on Hard Facts on 99.3 Nigeria Info, Sami-Orungbe said many Nigerians approach retirement with fear because they lack long-term financial and lifestyle plans.
“Never assume that your pension will cover your financial needs in retirement,” she said. “Inflation will continue to reduce the value of money over time.”
She said retirement planning should go beyond pensions to include healthcare, social support, estate planning and multiple streams of income.
According to her, many retirees struggle with loneliness and financial pressure after leaving active service because they fail to prepare adequately.
“Everybody needs a side hustle,” she said. “Additional income streams should help build your retirement nest egg.”
Sami-Orungbe also advised workers to adopt healthy lifestyles and secure personal health insurance after leaving employer-sponsored healthcare schemes.
“The older you get, the more intentional you must become about your health,” she said, warning that medical emergencies can drain retirement savings.
She further encouraged retirees to remain socially active through volunteering, exercise, clubs and community engagement to avoid isolation after retirement.
Her comments come amid growing concerns over Nigeria’s rising cost of living, with food prices, transportation and healthcare costs putting increasing pressure on workers and retirees.
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