Stakeholders Advocate Long-term Planning, Risk Mgt For Comfortable Retirement

Stakeholders at the just concluded 2025 Inspenonline Retirement Summit in Ikeja, Lagos recently, are advocating  long-term financial planning and risk management as  crucial for securing a comfortable retirement.

They also charged individuals to prioritise early planning and saving for their retirement to ensure financial stability and security in their golden years.

In a communique issued at the end of the summit, a copy of which was made available to LEADERSHIP, the experts noted that, financial planning is essential due to growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic pattern, adding that, more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.

“Product relevance and accessibility as well as financial literacy and consumer empowerment must also be prioritised as we must ensure that our policies across the insurance, pension, and financial sectors are not working at cross-purposes. Regulation, too,  must be enabling, responsive, and focused on long-term value rather than short-term gains and the pension industry must invest in designing affordable, relevant, and inclusive retirement products, especially, for the informal sector, which constitutes a significant portion of our population,” they pointed out.

The experts noted that micro-insurance and digital platforms hold tremendous potential in designing affordable, relevant, and inclusive retirement products, urging all levels of government to ensure full compliance with the Contributory Pension Scheme (CPS) as only six states were currently complying.

Prompt payment of pension benefits and gratuity to workers, they stated, should be a priority for all as delayed payments could cause financial hardship and uncertainty for affected employees, advising stakeholders, operators and regulators to  collaborate, innovate and advocate policies and practices that will ensure every Nigerian retiree have the means to survive and the resources to thrive.

The Convener of the Summit who doubles as the Publisher of InspenOnline, Chuks Okonta stated that, 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.

Saying that, 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. He added that this is because retirement benefits often arrive late and, when they do, rarely reflect the true value of your years of service and dedication.

Calling for proactive financial planning and the creation of multiple income streams to sustain you after active employment ends, he noted that building a solid retirement plan requires early, intentional action.

On her part, the Keynote speaker who is also the founder, Mutual Specialists, Adetola Adegbayi, said, 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 that helps establish a clear direction for saving and investing.

Starting early, she stated,  also harnesses the power of compound interest, allowing your savings to grow substantially over time as early planning gives you the flexibility to adjust to personal or economic changes as they arise.

“Equally important is considering how you’ll spend your 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,” she noted.

Saying it is also important for retirees to recognise that retirement benefits may be delayed or insufficient to cover all living expenses, she added that 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.

Meanwhile, the chairman of the Summit who is also the former commissioner for Insurance, Fola Daniel said, in today’s unpredictable economic climate, achieving a secure and comfortable retirement has become more challenging than ever.

Rising inflation, market volatility, escalating healthcare expenses, and the uncertain future of social security systems, he said, all pose significant obstacles, but  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.

Daniel, who is a director in FBS Reinsurance Limited, noted 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, he stressed, requires early, intentional action. Rather than viewing retirement as a distant event, it should be seen as a phase that demands preparation.

“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. 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 pointed out.