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Industry professionals task workers on additional retirement plans

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Additional Retirement Plans Notizia

Industry Professionals

Players in the insurance and pension industry have called on Nigerian workers to diversify their retirement plans to have a better life after active service.

The industry players, who gathered at the Maiden edition of the 2024 Inspenonline Retirement Summit in Lagos at the weekend, said with the current economic situation, pension contributions alone cannot guarantee a better retirement life. They said those who rely on their contributions will live miserable lives after retirement.

They also advised them to search for their purpose in life, which aligns with their passions, and start planning towards it at an earlier stage of their working lives. According to her, most people enter retirement without fully preparing because they lack financial planning. The yen swung wildly Monday as it surged soon after hitting a fresh 34-year low against the dollar, fueling speculation that Japanese authorities may have intervened to support the currency for the first time since late 2022.

The national financial inclusion target for the insurance industry development would be a mirage unless the industry's players collaborate and address the immediate challenges undermining the growth of the industry, experts have said.

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