A cultural and non-political group of Ibadan, Oluyole Club, Lagos, has called on Nigerians to take proactive steps in planning for retirement, describing it as a crucial phase of life that requires deliberate financial preparation.

The immediate past president of the club, Alhaji Rasaki Oladejo made this call at the club’s 2025 yearly lecture and bursary awards with the theme; “Planning for a fulfilling and financially secure retirement.”

Oladejo who was the lecturer emphasised that while retirement is a universally anticipated stage, many individuals enter it unprepared, leading to anxiety and financial instability.

“Retirement is a stage in life to which everyone looks forward, but to fully enjoy this phase, we need to plan ahead. Such planning involves setting aside savings during one’s active years to ensure financial security when employment income ceases,” he said.

He noted that with increasing life expectancy and the declining reliability of traditional pension schemes, personal financial planning has become more important than ever. The focus, according to Oladejo, should be on early and sustained retirement preparation.

Oladejo outlined common fears associated with retirement, including the loss of a regular paycheck, housing, social status, workplace camaraderie, and authority. He added that poor financial preparation only worsens these fears.

Retirement worries, he said, often revolve around the adequacy of pension payments, investment decisions, inflation, rising medical costs, housing options, new career paths, boredom, and other uncertainties.

He debunked outdated assumptions, such as relying on children for support or expecting pension benefits to suffice, noting instead that retirees now often live 20 to 30 years post-retirement, sometimes longer than their entire working life.

He also warned that retirees may continue supporting both aging parents and adult children, increasing financial burdens.

Highlighting key concepts like the Crossover Point, the moment when investment income equals or surpasses living expenses, Oladejo encouraged individuals to pursue voluntary retirement through financial independence, not just age.

He advocated assessing current financial positions, including all income and expenses, and determining how much is needed to maintain one’s desired retirement lifestyle.

Oladejo recommended practical saving and investment strategies such as the 50-30-20 rule (50 per cent for needs, 30 per cent for wants, 20 percent for savings/investments); building an emergency fund equivalent to six months of expenses; Leveraging retirement plans for self-employed professionals and traders and among others.

Oladejo acknowledged several challenges, including; lack of Financial Literacy, Inadequate Savings, Market Volatility and Unexpected Life Events.

Oladejo therefore urged Nigerians to reframe retirement as a new chapter rather than a decline. He encouraged nurturing meaningful relationships, pursuing hobbies, prioritizing health, and embracing present realities with optimism.

“Take personal responsibility for your financial future. Retirement planning is not for those approaching old age; it is a lifelong activity,” he advised.

The club also gave out N100,000 bursary awards each to eleven students from various schools who are from Ibadan origin.

The president of the club, Mr. Oluniyi Fatokun in his welcome address noted that the club encourages scholarship from funds donated by members and now undergraduate bursaries to deserving indigent undergraduates of Ibadan origin in Nigerian Universities.

“The products of the bursary awards are also maturing into adults and are all over the place making a living for themselves,” he said.

Fatokun also encouraged the students to study hard and be focused in their academics.

Igbinlola Ebenezer Oluwatimileyin from OAU thanked the club on behalf of the others for their kind gesture and promised not to disappoint them.