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Don’t Rush Into Businesses You Know Nothing About, Stakeholders Warn Retirees

by Zaka Khaliq
1 year ago
in News
businesses
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Insurance and pension experts have warned retirees not to jump into businesses they knew nothing about at retirement in their quest to become overnight entrepreneurs.

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The experts, who gave the advice at the Maiden edition of the 2024 Inspenonline Retirement Summit in GRA, Ikeja, Lagos recently said, most retirees have had their fingers burnt in the past by dabbling into businesses they knew little or nothing about, with their lump sum paid at the point of retirement.

The victim retirees, they said, relied on hearsay or fraudsters who cajoled them into investing in businesses that promised outrageous returns on investment at a short time, adding that some of the victims had gone into depression because both the money invested and the promised investment returns never came back.

The rector, College of Insurance and Financial Management (CIFM), Dr. Chizoba Ehiogu, said: “Don’t rush into a business or investment you don’t have enough experience in. When you retire, it should be the beginning of another journey to drive your passion.”
She urged the current workers to pay attention to their health while still active because a healthy body is needed to retire without tears.

On his part, the former managing director/CEO, FBN Insurance Limited (now Sanlam Life), Val Ojumah, said, life in retirement depends on relationships kept while one was working, saying, the awful part of retirement is loneliness.

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While advising people on how to retire without tears, Ojumah, who is now a retiree, said: “Those who retire in tears are those who never acknowledge that they will retire one day, while in service. Don’t choose expensive passion, moderate your passion with some reality checks, try to buy health insurance, don’t start any business you are not familiar with, buy an endowment plan when you are still working. Integrate with the community.”

Chairman of the event who is a past president, Chartered Insurance Institute of Nigeria (CIIN), Fatai Lawal, implored the public to give adequate consideration to retirement as it would come whether they prepared or failed to prepare for it.

The chairman, Association of Pension Desk Officers in government parastatals, Nze Peter Nze, while lamenting the salary package for civil servants is too meagre to give them a life without tears in retirement, urged insurance companies to conceptualise projects for civil service and government retirees, affirming that, his group is ready to partner insurance industry on this.

The former managing director!CEO of Allianz Insurance said, most people who entered into retirement unprepared were because they lacked financial planning, noting that each worker should have a financial planner who will guide them on the best investment options and helps in the management of one’s wealth.

She said, most people who entered into retirement unprepared were because they lacked financial planning, noting that each worker should have a financial planner who will guide them on the best investment options and help in the management of one’s wealth.

According to her, “retirement isn’t an ending, it’s a magnificent new beginning – a chance to unleash your resilience and craft a fulfilling future that transcends the confines of your workplace. Don’t be passive participants in your own retirement! Raise your voice, ask questions, and engage experts, network to create a personalised retirement plan that ignites your passions and fuels your dreams. Together, we can redefine retirement, making it a time not just for financial security, but also for purpose, passion, and lifelong exploration.

“Financial security is crucial, of course. But true fulfilment comes from a life rich in purpose, connection, and continuous growth. Embrace personal transformation as you plan for the future. Explore your passions, reconnect with loved ones, and consider ways to contribute your skills and knowledge to the world. Retire from your job, but never retire from your passions; the greatest adventures await you in this next chapter.”

The promoter of the summit and the publisher/CEO, Inspenonline, Chuks Udo Okonta, stressed that the summit was conceptualised from findings that revealed most people enter into retirement unprepared, hence, a forum to prepare Nigerians for retirement earlier in their working life.


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