Millennial Talk: The Importance of Retirement Planning - Financial Planning 104
One of the hardest parts about preparing for retirement is thinking about life over the age of 70. A lot of people get so overwhelmed about saving for an unknown future, that they end up not saving anything at all.
Instead of saving as much as possible, the new objective should be to develop predictable retirement income out of what we have. Retirement planning refers to financial strategies of saving, investments, and ultimately distributing money meant to sustain oneself during retirement.
According to the National Pension Commission, PENCOM only 11% of the total working-class population are active on Nigeria's contributory pension scheme. This is a low penetration rate in comparison to 19% in South Africa and 77% in the United Kingdom.
The big question is, what can be done to change these statistics and help people understand the importance of retirement planning?.
In this week's episode of Millennial Talk, Josephine Eriyo discusses "The Importance of Retirement Planning" with Kunle Keshinro, Regional Manager, Business Development Division, Stanbic IBTC Pension Managers.