₦airaland Forum

kolafolabi:
Retirement plan starts the very first day at work. Spend less, save and plan.

This formula is hardly applicable in Nigeria. It is meant for a few individuals. How much does the majority of the Nigerian workforce earn. A country that is still to implement a minimum wage of 30k. How do you expect these workers to meet their responsibilities n even save with this stipend as salary in this present situation of high cost of living. Not easy bro.

You mean to say poverty is underrated abii?

bamidbamid:
BUY THAT LAND NOW & WAIT, DON'T WAIT BEFORE U BUY THAT LAND..
Invest in real estates. My one cent

good advice. After this get land title documents done in case of compulsory acquisityion of land by the gvt

I don't think anyone can afford to be truly retired. The possible alternative is semi retired.

The nature of returns expected after tax will also affect the target sum. Considering that retirees need to keep their funds in secure low risk instruments, I would say at least 50m in such instruments plus semi retirement income that brings in at least 6m per annum after tax. This is because the returns on investment will always fluctuate from low to high. Thus total annual income for comfort will be around 11m.

gbagyiza:
This formula is hardly applicable in Nigeria. It is meant for a few individuals. How much does the majority of the Nigerian workforce earn. A country that is still to implement a minimum wage of 30k. How do you expect these workers to meet their responsibilities n even save with this stipend as salary in this present situation of high cost of living. Not easy bro.

senior level strr with 50k monthly. May God help us nija get as e be

EgunMogaji2:
I’m enjoying this thread.

Hope to hear from those that are in actual retirement.

My story: I’m in early, but full, retirement from the USA. Luckily I built some overhead to my budget because Nigeria is actually fairly expensive.

Most of those in actual retirement won't be on NL . Do you live in a big city eg Lagos, Ibadan, PH etc? If yes, it would be expensive. You could consider moving to a place like Osogbo, Ilorin, Akure to manage cost of living. I presume that you have some dollar income too. This will help in the event of devaluation and high inflation.

momove4real25:
wisdom will not kill u

thanks, are you really the lovely looking babe on your profile picture?

momove4real25:
good advice. After this get land title documents done in case of compulsory acquisityion of land by the gvt

U are very correct, Infact CHARTING is one very Important Activity U must do B4 u buy any Land. (I've no intents to digress this thread, Given that this isn't the Property section)..

olujaidi:
Most of those in actual retirement won't be on NL . Do you live in a big city eg Lagos, Ibadan, PH etc? If yes, it would be expensive. You could consider moving to a place like Osogbo, Ilorin, Akure to manage cost of living. I presume that you have some dollar income too. This will help in the event of devaluation and high inflation.

I live in Elebu, a suburb of Ibadan. Likely relocating to Omi Adio, another suburb due to the massive growth explosion.

It's not all about how much you need to have, but most importantly what are your plan towards retirement.

What business idea or projects do you have

Which business have you started in a small way initially

Donbrig:
After 40yrs of age, plans for retirement becomes a big priority for so many people. My qestion is, how much does one really need to retire comfortably in Nigeria, regardless of your location or state of residence?

One may have 100,000 naira and be very comfortable. Another may have 100,000,000and still be uncomfortable. So it boils down to one's lifestyle.

DameB:
30-50 million naira will maintain a modest lifestyle

Due to inflation and uncertainty in future policies, it's best to not to just save a particular sum of money and hope to live off of it for the rest of one's life.

1) Invest in rented commercial properties and residential properties , also event halls.
(This is the most expensive on the list)
If by retirement you don't have a house but you have money, buy a plot of land below 1M, build a simple 2-3bd that will cost below 6M (nothing lavish)

2) Drop some money in a money markets account with one of the financial banks so it can yield 12-15% interest p.a

3) Get good health insurance plan cos sickness can empty all you save if you are not insured

4) Adopt a healthy lifestyle- worry less, be positive, eat healthy, sleep well, exercise often. What's the point of early retirement if you don't have the physical body to enjoy it

5) Buy an annuity plan from an insurance company or a programmed withdrawal plan from a pension fund company- let them worry about investing and maintaining the funds you invest with them.

6) Guide your kids to be financially responsible so that they wouldn't depend on you financially and won't be planning your early death

50m may look decent, but u might blow this in 5yrs. U will need a new car, buy diesel for the Gen, maintain or possibly replace the Gen. Family and Social obligations. Pray your children are able to support themselves.

Indeed Nigeria is a costly place to live in like some one said. I wonder how far a home with 50m in Ghana will take you.

EgunMogaji2:
I live in Elebu, a suburb of Ibadan. Likely relocating to Omi Adio, another suburb due to the massive growth explosion.

Would it reduce cost of living for you? If yes, go for it!

Hi guys, use the link below to analyse your retirement age and amount you would want to have.

https://www.fidelitypensionmanagers.com/calculator/calculator.php

olujaidi:
Would it reduce cost of living for you? If yes, go for it!

Not really but would put me more into solitude.

Donbrig:
After 40yrs of age, plans for retirement becomes a big priority for so many people. My qestion is, how much does one really need to retire comfortably in Nigeria, regardless of your location or state of residence?

For retirement, you need to continuously have a steady source of income because no one will lower the price of rice or petrol for you because you are retired.

If it's your savings remember it will continue reducing if nothing is increasing it.

kolafolabi:
Retirement plan starts the very first day at work. Spend less, save and plan.

With the kind of inflation prevalent in Nigeria, saving is not a good idea. Instead, invest your money in things like real estate. Saving your money will leave you broke as a joke.

DameB:
30-50 million naira will maintain a modest lifestyle

Due to inflation and uncertainty in future policies, it's best to not to just save a particular sum of money and hope to live off of it for the rest of one's life.

1) Invest in rented commercial properties and residential properties , also event halls.
(This is the most expensive on the list)
If by retirement you don't have a house but you have money, buy a plot of land below 1M, build a simple 2-3bd that will cost below 6M (nothing lavish)

2) Drop some money in a money markets account with one of the financial banks so it can yield 12-15% interest p.a

3) Get good health insurance plan cos sickness can empty all you save if you are not insured

4) Adopt a healthy lifestyle- worry less, be positive, eat healthy, sleep well, exercise often. What's the point of early retirement if you don't have the physical body to enjoy it

5) Buy an annuity plan from an insurance company or a programmed withdrawal plan from a pension fund company- let them worry about investing and maintaining the funds you invest with them.

6) Guide your kids to be financially responsible so that they wouldn't depend on you financially and won't be planning your early death

I find this post very educative.

Donbrig:
We all know times are hard in Nigeria, but many Nigerians are still retiring after a successful career. Many Nigerians are still doing well, even though poverty is overrated in Nigeria.

Only politicians & religious scammers speak like this. It is obvious you're one of those. Abeg nor provoke God. With the rate of so many people looking for handout & dependants, you call it overrated.

Donbrig:
We all know times are hard in Nigeria, but many Nigerians are still retiring after a successful career. Many Nigerians are still doing well, even though poverty is overrated in Nigeria.

Did you just say poverty is overrated in Nigeria?

Juliearth:
One may have 100,000 naira and be very comfortable. Another may have 100,000,000and still be uncomfortable. So it boils down to one's lifestyle.

In retirement every man needs a good wife, a good car, eat well, serene decent preferably spacious accommodation, fuel your gen, once a year or 2yrly vacation, fukc the occasional random arsse and be happy.

We are talking about an ideal retirement not one you endure having suffered your whole life.

EgunMogaji2:
Not really but would put me more into solitude.

Lol. No attention. Less attention might mean less money spent.

I think the surest income to retire with is real estate in a choice area in Lagos/Abuja/Ibadan. I added Ibadan because the city will be exposed after they complete the Lagos/Ibadan railway and highway. Both should be completed in 2020/2021. Imagine moving from Lagos to Ibadan in 45mins by train, that will automatically decongest Lagos. Also, fuel lifting will be pushed to Ibadan. I think our Govt cannot control inflation and only God and our youths know when we are going to have good leaders. How can a country's inflation rate be double-digit year-on-year? It means if you invest in a fixed deposit or Treasury Bill and keep withdrawing your returns, your initial investment will worth zero Naira after 10years. Our unstable Govt policies can destroy businesses/stock market at any given time. That's why I believe real estate in Naija especially Lagos is a low risk. An 8 3-bed rental property that can be stacked on 1plot of land in places Lagos mainland like Maryland, Anthony, Ikeja (not GRA) can generate 8m annually in perpetuity. On the Island, like Ikota, Chevron, Lekki axis can generate 16million Naira in perpetuity.

If you have a rental property in Lagos, you can decide not to live in Lagos to avoid the hustling and bustling and the high cost of living. People are not living long in Lagos; the air is bad, traffic is frustrating, flooding during the raining season is a headache, poor security and so on. If you are from S/W, cities like Ilorin, Ibadan, Abeokuta, Osogbo are nice places to retire to. They have a very low crime rate, serene environment, and they have a village-like life enjoyment.

Before retirement;
Have your own house that means no rental payment
Have a good car that has good resale value. You can keep selling the car every 3yr, add a little money and buy another one.
Build a little education investment fund for your children or unborn children and keep compounding that in Treasury Bill/Fixed deposit/bond. That fund must guarantee your children a world-class tertiary education anywhere in the world.
After retirement, your one rental property will perfectly take care of the remaining expenses like other children education expenses, food, flexing, vacation, extended family, etc

I have a retired granny 84yrs who is like a mum to me living her life to the fullest.
The husband is dead. Children are all doing well in their respective homes. Asked her how they did it( in all my life, she is the only elderly woman I now that seem to be more than self sufficient).

She still live in Lagos with her dog and driver. She cooks too.

She told me to start early. As a young couple, don't follow the crowd. E.g., when your mates are busy buying the latest wrapper( I think that was the reigning clothes during her time) save the money and invest in landed property. Save and invest in stock. Save and send your children to the best school. Look for anything that will yield profit for you and invest in it. Do not keep your money in the bank. Monitor and follow them.up diligently. Of course, some will fail, others will succeed but don't be relentless. Once you finish training your children in school and they are now comfortably working, start saving.

All those investments would have started yielding good returns. In abroad,the adults enjoy life more than we younger ones as they don't have as much worries as we do.

This lady travel outside Nigeria like going to the kitchen to cook food and on each trip, her travelling box is always filled with gifts for her grand kids.
U know the naija culture, the kids still give her money but she will use the money to buy gifts for children.
Her asset with the late husbands added should not be less than 8hundred million. That's the one I know of.

She invested on housing in UK too.
My father in law invested mostly in stock market a lot.

The only thing he can comfortably collect from his children as gift are clothes. As for the rest, he will tell you to use your money and invest wisely so u won't suffer during old age. That's abroad mentality. The difference between this two people I mentioned is that they have stayed and worked overseas to know that your retirement plan is never your children.

You don't train your child to depend on him or her for retirement. It's because we have useless govt else all these elders should be on monthly upkeep from the govt and with free healthcare especially for those that didn't save or invest enough for retirement. That's why there is so much burden on kids to make it at all.cost to take care of their elderly parents.

ogawisdom:
Do we really ever retire? We only move from one work to another

Exactly. You retire as a teacher, civil servant, company worker etc and move to another phase in life - farmer(poultry, fishery, orchard), writer, part time teacher, church worker, kabu kabu operator etc. For example, a retired high court judge in the north went back to take up voluntary teaching in his primary school. The biggest mistake you will make is to become idle - illness will be your constant companion.

No one has mentioned the pension funds.

In Nigeria most people retire on their kids

You don't find most of them plan for retirement, they just do well enough for thier kids hoping when they go old, thier kids can afford to take care of them

That word retirement is alien to us, lol

However should there be a significant sum for retirement? Never thought about that before tho!

The goal should Sha be for everyone to have assets that yield income passively before we reach retirement age.

Hottdawgg:
In retirement every man needs a good wife, a good car, eat well, serene decent preferably spacious accommodation, fuel your gen, once a year or 2yrly vacation, fukc the occasional random arsse and be happy.

We are talking about an ideal retirement not one you endure having suffered your whole life.

You seem not to understand my point. Okay, let's put it this way: some can afford to finance/have these things with a 100k and others more...

DameB:
30-50 million naira will maintain a modest lifestyle

Due to inflation and uncertainty in future policies, it's best to not to just save a particular sum of money and hope to live off of it for the rest of one's life.

1) Invest in rented commercial properties and residential properties , also event halls.
(This is the most expensive on the list)
If by retirement you don't have a house but you have money, buy a plot of land below 1M, build a simple 2-3bd that will cost below 6M (nothing lavish)

2) Drop some money in a money markets account with one of the financial banks so it can yield 12-15% interest p.a

3) Get good health insurance plan cos sickness can empty all you save if you are not insured

4) Adopt a healthy lifestyle- worry less, be positive, eat healthy, sleep well, exercise often. What's the point of early retirement if you don't have the physical body to enjoy it

5) Buy an annuity plan from an insurance company or a programmed withdrawal plan from a pension fund company- let them worry about investing and maintaining the funds you invest with them.

6) Guide your kids to be financially responsible so that they wouldn't depend on you financially and won't be planning your early death

Many helpful posts here but yours stood out. I've copied it into my online Notepad for future reference

sassysure:
I have a retired granny 84yrs who is like a mum to me living her life to the fullest.
The husband is dead. Children are all doing well in their respective homes. Asked her how they did it( in all my life, she is the only elderly woman I now that seem to be more than self sufficient).

She still live in Lagos with her dog and driver. She cooks too.

She told me to start early. As a young couple, don't follow the crowd. E.g., when your mates are busy buying the latest wrapper( I think that was the reigning clothes during her time) save the money and invest in landed property. Save and invest in stock. Save and send your children to the best school. Look for anything that will yield profit for you and invest in it. Do not keep your money in the bank. Monitor and follow them.up diligently. Of course, some will fail, others will succeed but don't be relentless. Once you finish training your children in school and they are now comfortably working, start saving.

All those investments would have started yielding good returns. In abroad,the adults enjoy life more than we younger ones as they don't have as much worries as we do.

This lady travel outside Nigeria like going to the kitchen to cook food and on each trip, her travelling box is always filled with gifts for her grand kids.
U know the naija culture, the kids still give her money but she will use the money to buy gifts for children.
Her asset with the late husbands added should not be less than 8hundred million. That's the one I know of.

She invested on housing in UK too.
My father in law invested mostly in stock market a lot.

The only thing he can comfortably collect from his children as gift are clothes. As for the rest, he will tell you to use your money and invest wisely so u won't suffer during old age. That's abroad mentality. The difference between this two people I mentioned is that they have stayed and worked overseas to know that your retirement plan is never your children.

You don't train your child to depend on him or her for retirement. It's because we have useless govt else all these elders should be on monthly upkeep from the govt and with free healthcare especially for those that didn't save or invest enough for retirement. That's why there is so much burden on kids to make it at all.cost to take care of their elderly parents.

This thread is talking to me

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Amount to have before retirement is controversial. What you need to have is multiple stream of income before your retirement.

No amount is enough for you to retired because responsibility will increase after retirement especially house rent, (if you don't have a house of your own) school fees (if your children are still in schools) ,health bills and your financial commitment to your friends, families, church and community.

All the above mentioned points caused early death for the retiree's.
You just have to cut your cost of living after retirement by planing to own a house, have stream of income and cut your clothes to your sizes after retirement