Mastering Retirement: Key Lessons from the CIPM Conference on Embracing Retirement

Retirement is a major life transition that requires careful planning, especially in a bustling city like Lagos. The Chartered Institute of Personnel Management (CIPM) recently shared valuable tips on preparing for retirement. If you live in Lagos, these strategies will help you retire comfortably and maintain financial stability while avoiding the common mistakes many retirees make.

1. Talk About Retirement from Day One

In Lagos, conversations about retirement should start early, even at new employee orientations. This creates awareness and encourages workers to plan for their future from the first day at work. Introducing estate planning and savings habits early will set the right foundation.

Learn more about estate planning from Stanbic IBTC Pension Managers.

2. Set Retirement Goals at Least 5 Years Before

Many people delay their retirement plans until it’s too late. Start thinking about how you want to spend your retirement at least five years ahead. Whether you want to relax in a small town outside Lagos or engage in business, having clear goals will help you make the right financial decisions.

3. Build an Extra Source of Income 10 Years in Advance

It’s risky to depend solely on pensions after retirement. Start a side hustle or business at least 10 years before retirement so you have enough time to stabilize it. Whether it’s a shop, a rental property, or a logistics business, you’ll experience the challenges early and know how to handle them.

Check out these business ideas in Nigeria on SME360.

4. Avoid Hard Physical Work After Retirement

Many retirees in Nigeria try to venture into agriculture or real estate without prior experience, but hard labor isn’t sustainable at an older age. If you’re interested in such ventures, establish them early while you still have the energy. Focus on low-maintenance businesses that require more strategy than sweat.

5. Pursue Education Before Retirement, Not After

Retirement isn’t the time to start formal education or a new degree. Instead, take relevant courses before you retire to stay engaged and up-to-date. If you want to keep learning, explore online classes and hobbies rather than enrolling in demanding academic programs.

6. Practice Contentment to Avoid Financial Pressure

The CIPM Conference highlighted the importance of contentment. Many Lagosians want to keep up appearances even after retirement, which can lead to financial stress. Be realistic with your spending, live within your means, and appreciate what you have.

7. Consider Global Income Streams

With the Naira’s fluctuations, exploring international income streams is wise. Freelance jobs, online tutoring, or e-commerce can provide steady income with minimal overhead. This also reduces your reliance on local market conditions.

Check out remote job platforms like Upwork for opportunities.

8. Avoid Buying Property in Remote Areas

Parents often invest in undeveloped real estate for their children, but children raised abroad may not want to live in those areas. Avoid acquiring more properties unless you’re sure they align with your family’s plans. This also prevents family disputes and fraud over unmonitored properties.

9. Prepare for Social Changes After Retirement

After retirement, workplace contacts will reduce, and your phone may not ring as often. This shift can be difficult, especially in a fast-paced city like Lagos. Build new friendships in your community or within your new business network to stay socially active and avoid boredom.

10. Keep an Eye on Your Business Operations

Even if you delegate your business to employees or managers, it’s important to monitor the operations closely. Employees may mismanage your resources if you’re not involved. Regular oversight ensures your business stays profitable.

11. Maintain Independence from Your Children

While many retirees hope their children will provide support, it’s important to avoid becoming a burden. Plan your finances well to maintain independence and reduce the pressure on your children, especially those living abroad.

12. Avoid Using Retirement Savings to Marry a New Wife

Some retirees in Nigeria make the mistake of spending their savings on new marriages, leaving themselves financially vulnerable. Focus instead on securing your future and making prudent financial decisions.

13. Write Your Will Before You Retire

A will is essential for protecting your assets and ensuring smooth inheritance. Writing your will before retirement avoids conflicts and ensures your family respects your wishes.

Learn more about writing a will on Legal Naija.

14. Retirement is Inevitable—Plan for It and Enjoy

Whether you like it or not, retirement is coming. Planning early gives you the freedom to enjoy it. Focus on creating multiple income streams, building meaningful relationships, and staying active in ways that suit your lifestyle.

Final Thoughts

Living and retiring comfortably in Lagos requires careful financial planning, discipline, and foresight. Whether you want to start a small business, explore global opportunities, or simply enjoy quiet time with family, the key is to plan ahead. Don’t wait until retirement sneaks up on you—start today to build a future you’ll love.

Looking for more retirement planning advice? Check out ARM Pension Managers.

FAQs

When should I start planning for retirement in Lagos?
- Ideally, at least five years before your expected retirement date.
What kind of business is good to start before retirement?
- Low-maintenance businesses like rentals, e-commerce, or small shops are ideal.
Is it wise to invest in agriculture after retirement?
- It’s better to establish the venture early when you still have the energy.
How can I earn in foreign currency from Lagos?
- Explore freelance platforms or online tutoring services.
Should I buy properties for my children if they live abroad?
- Only if you are sure they will use or appreciate them.
Can I rely on my pension alone for retirement?
- It’s better to have additional income sources for more security.
What should I do if I feel lonely after retirement?
- Build new friendships and stay active in your community or business network.
How do I protect my business from being mismanaged?
- Monitor the operations regularly, even if you delegate tasks.
What is the importance of writing a will?
- A will ensures your assets are distributed according to your wishes.
Is it okay to marry a new wife with my retirement savings?

No, it’s important to focus on financial stability.