Expert harps on retirement strategy to reduce old-age poverty
Retirement experts have proffered strategies to a blissful retirement for Nigerians in order to avoid increase in the rate of poverty at old age.
The experts at M36, a digital and lifestyle investment platform said, it is imperative for Nigerians to envision retirement days in time and make stress free financial plans accordingly.
“With your savings, you can invest in bonds, treasury bills, commercial papers, stocks or fixed assets like gold and real estate. To avoid being financially stressed during retirement years, it is important to accumulate enough to comfortably go through this phase. This can be achieved by assessing your spending habits and creating a budget, once you have an idea of where your money is going and where you can potentially cut back, draw up a budget. This will help you to understand how much of your income needs to go to fixed expenses and how much is left to save and invest.”
The experts however noted that while retirement planning is not complex, it is nuanced and involves a lot of variables that require the support of professional wealth managers who understand that aligning your financial and lifestyle goals is essential to achieving retirement bliss.
“For those who are close to retirement and have not saved enough, there is a need to reach out to a wealth manager that can work around available options and invest in asset classes that grow wealth.”
They however emphasised on the importance of harmonising lifestyle and wealth for a successful retirement. “Having both your financial portfolio and life portfolio would allow you to achieve true happiness in retirement. Also, remember the cost of delay, whether you are 35 or 55, it’s never too late to start planning for retirement, however, the sooner the better.”
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