Retirement planning has become an indispensable tool for achieving financial wellness and preventing old-age poverty, with every income earner urged to begin preparing for life after active employment regardless of their profession or source of income.
This message formed the highlight of a presentation titled "Building Financial Wellness: The Role of Retirement Planning," delivered by the Head, Personal Pension Plan, Leadway Pensure PFA, Rahinatu Omolamai, during a journalists' training programme organised by Leadway Assurance in collaboration with Creato Urban at the Leadway Learning Academy, No. 40 Montgomery Road, Yaba, Lagos.
The capacity-building programme, attended by journalists from various media organisations, was designed to deepen understanding of insurance, pensions and financial planning while strengthening the media's role in promoting financial literacy among Nigerians.
Speaking on "Combating Old Age Poverty: Why Retirement Planning Can No Longer Wait," Omolamai said economic uncertainty, inflation and changing employment patterns have made retirement planning more urgent than ever.
According to her, "Three realities every Nigerian is navigating today: income isn't always predictable, cost of living keeps rising, work has changed, retirement planning must change too. These realities are changing what financial wellness means."
She explained that retirement planning should not be limited to workers in paid employment, stressing that entrepreneurs, freelancers, business owners, entertainers, sports personalities and Nigerians earning foreign currencies also require structured retirement savings.
"Retirement planning is for everyone who earns. If you earn... you need a retirement plan," she said.
Omolamai outlined three retirement savings options available to contributors. Salaried employees under the mandatory Contributory Pension Scheme can grow their retirement funds through additional voluntary contributions under the Personal Pension Plan (PPP), while self-employed individuals enjoy flexible contributions based on their earnings. She added that eligible Nigerians earning in foreign currencies can also diversify their retirement savings through Fund VII.
Addressing public misconceptions about pensions, she dismissed the widely held belief that pension contributions remain inaccessible until retirement.
In her presentation, she said that the statement "My pension money is locked forever" is a myth.
She explained: "Your contributions are divided into Retirement and Contingent portions, allowing eligible access to part of your savings while preserving your retirement future. Saving for tomorrow shouldn't mean giving up today's flexibility."
The pension expert also highlighted the erosion of the naira's purchasing power over the years, noting that inflation continues to erode the value of long-term savings.
Presenting comparative figures, she said ₦1,000 exchanged for approximately $6.62 in 2010, but is worth only about 72 cents in 2026.
According to her, "₦1,000 in 2010 could buy $6.62. Today, the same ₦1,000 buys less than $1. Diversifying your retirement savings can help preserve long-term value."
She explained that Fund VII offers eligible contributors an opportunity to hold part of their retirement savings in foreign currency, helping to cushion the effects of inflation and currency depreciation over time.
Omolamai further highlighted what she described as the "Family Responsibility Gap," commonly known as "Black Tax," where many working Nigerians devote significant portions of their income to supporting extended family members while neglecting their own retirement needs.
According to her, "Supporting today's family... without sacrificing tomorrow. Retirement planning helps break the cycle of financial dependence across generations."
She also underscored the importance of starting retirement savings early, illustrating that someone who begins saving at age 25 enjoys 35 years of investment growth before retirement at age 60, compared with someone who starts at age 45 and has only 15 years to accumulate savings.
Her conclusion was succinct: "Time is the one investment you can never recover."
Beyond accumulating wealth, Omolamai described financial wellness as the ability to meet present needs while preparing for future obligations.
In her words, financial wellness means being able to "Meet today's needs, prepare for tomorrow, leave a legacy, and protect against uncertainty."
She urged journalists to use their platforms to educate the public on retirement planning, saying the media plays a critical role in shaping financial behaviour.
"The role of the media—you don't just report stories... You shape behaviour. The stories you tell today can influence how Nigerians prepare for tomorrow," she said.
She further challenged media professionals to see every report on pensions and financial planning as an opportunity to influence positive behavioural change.
"Every journalist in this room has the power to change how one family thinks about retirement. Every article, interview, podcast or broadcast is an opportunity to move someone from procrastination to preparation," she said.
Ending on a reflective note, Omolamai reminded participants that responsible retirement planning ultimately benefits future generations.
"The greatest gift you can leave your children isn't an inheritance... It's not having to become your retirement plan," she said.
Leadway Assurance, one of Nigeria's leading insurance and financial services companies, organised the training as part of its financial literacy and media engagement initiatives. Through its subsidiaries, the company provides life and general insurance, pensions, health insurance and asset management services, while the Leadway Learning Academy continues to equip journalists with knowledge to improve public reporting on financial and insurance issues.