How to plan your finance ahead retirement

As many Nigerians struggle to navigate the path to financial freedom, analysts have advised on the way forward for many individuals.

The Chief Executive Officer, Nigerian Council of Registered Insurance Brokers, Mr Tope Adaramola, highlighted the fact that retirement is a major aspect of life and is not peculiar to salary earners alone.

He said, “We must take note that everyone must retire, and the notion that retirement is for those we call salary earners should be debunked. Everyone should make space to retire someday when they cease their daily work routine. Ostensibly when they cease, they will only live on what they had planned for when they were in active work, whether as a salary earner or non-salary earner such as an entrepreneur.”

According to Adaramola, retirement planning is in two phases which are financial planning for retirement and non-financial planning for retirement.

He said, “One, from the insurance point of view, there are several insurance policies that we often refer to as endowments, which could be bought from insurance companies through registered brokers for all insurance.

“Because registered brokers understand the technicalities of insurance. They can also do necessary intermediation to get maximum value for the insurance you are undertaking. Bearing in mind that insurance is usually technical but quite beneficial. So there are different types of endowments. There…