In today’s rapidly changing world, securing a comfortable retirement is a goal that should be on everyone’s radar. However, statistics from our recent survey revealed that only 32.5% of Nigerians are actively saving for their retirement. This number is a clear indication that a significant portion of the population is not taking their retirement planning seriously, which could have serious consequences down the line.
Why 32.5% is a Low Number
Retirement is a phase of life that we all aspire to enjoy, but achieving that dream requires careful financial planning. The current figure of 32.5% highlights the stark reality that a majority of Nigerians are not adequately preparing for their retirement years. This low percentage raises concerns about the potential challenges individuals might face in the future when their earning capacity diminishes and health-related expenses increase. If you’re not part of the 32.5%, you should be concerned. At Cowrywise, we are concerned on your behalf. ?
The Importance of Taking Retirement Seriously
Retirement planning is not just a matter of convenience; it’s a necessity. As life expectancy increases and the cost of living continues to rise, relying solely on government pensions or family support may not be sufficient to maintain a comfortable lifestyle. By saving for retirement, you empower yourself with the financial security needed to enjoy your golden years without compromising on your well-deserved quality of life. The last thing you want is to look back and realize you could have done better.
Increasing Life Expectancy and Rising Costs
One of the primary reasons retirement planning is imperative is the remarkable increase in life expectancy. Advances in medical science and improved living conditions have contributed to longer, healthier lives. While this is undoubtedly a positive development, it comes with a catch: a longer life requires a more extended period of financial sustenance.
Simultaneously, the cost of living continues to escalate. Basic necessities, healthcare, housing, and even leisure activities demand more significant financial resources. Relying solely on traditional sources of income during retirement, such as government pensions or family support, may no longer be sufficient to maintain the comfortable lifestyle we envision.
Empowering Your Future Self
By actively engaging in retirement planning and saving, you lay the foundation for financial security during your golden years. It’s about taking control of your destiny and ensuring that you have the means to live the life you desire after you exit the workforce. Retirement is not a time to compromise on your well-deserved quality of life; it’s an opportunity to relish the fruits of your labour.
When you save for retirement, you’re not merely putting away money for a distant eventuality. You’re building a safety net that allows you to confront unforeseen challenges with confidence and grace. Financial security provides peace of mind, enabling you to focus on enjoying your retirement, pursuing passions, and spending quality time with loved ones.
Avoiding Regrets and Crafting a Fulfilling Future
Regret is a formidable emotion, especially when it pertains to matters as significant as your financial well-being. Imagine looking back on your life, and realizing that you could have taken more proactive steps to secure your retirement. The last thing anyone wants is to be haunted by missed opportunities and unfulfilled dreams.
Retirement planning is an opportunity to evade such regrets. It’s a chance to make informed decisions today that will shape the quality of life you experience tomorrow. By starting early and making consistent efforts, you position yourself to savour the rewards of diligent planning.
Retirement planning is not a casual consideration; it’s a pressing requirement in today’s dynamic world. Longer life expectancy and increasing living costs demand a proactive approach to securing your financial future. By saving for retirement, you empower yourself to embrace your golden years with confidence and grace. Don’t let the passage of time be a source of regret; take charge now and craft a retirement that aligns with your aspirations and desires. Your future self will thank you for your foresight and determination.
Take Action Now
It’s never too early or too late to start saving for retirement. By prioritizing this aspect of your financial journey, you make a proactive choice to secure your future. Begin by setting clear retirement goals, assessing your current financial situation, and creating a well-structured savings plan. Explore investment options that can help your money grow over time, taking advantage of compounding interest to maximize your savings potential.
Join the 32.5% ??????
In Conclusion
The statistics don’t lie: only 32.5% of Nigerians are actively saving for retirement. This number underscores the need for a collective shift in mindset towards retirement planning. Your future comfort and security depend on the choices you make today. Don’t wait until it’s too late – take retirement seriously, start saving now, and ensure that your later years are truly golden.
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19 Retirement Questions To Ask Yourself
Good evening, my question to you please if open an account today in naira his the money will converted to us dollar to running the account
If you are investing in a dollar fund, yes.
Can the funds be traded rather than investing to increase gains?
What if your money is in cash(Dollar)
Please I already have an account, will I have to re-open another account before investing in dollar?
Can I invest in the next eurobond using dollar (cash)? If yes, will my returns be in dollar as well or it will be converted to naira??
Hi Helen, you can invest in Eurobonds at any time. However, we only accept naira deposits at the moment. Also, your returns accrue in dollars.
So which is best to earn the second way or first?
Focusing on returns will be better
Hi, what is the minimum amount you can invest with.
Hi there. You can invest the naira equivalent of $100
Hi Ope, does that mean I’d need two accnts to operate the fund, I.e a naira account to put in the naira funds which is d only 1 u currently accept, then a domicilary account where my returns would accrue in?
I want to invest in your Eurobond.
I have re-installed your new app an still can get the eurobond plan?
How much is the minimum equivalent dollar for a start?
Can i get an overview of all the benefits and rules of this plan?
***and still can’t get the eurobond plan?
Do you allow people from south Africa
Hello, my question is if I invest in the dollar mutual fund how do I get the returns?
Will it be in naira or in dollars and will I have to open another account for the returns to go into
Can’t you go down to 50USD
Hello Nsikak, currently the minimum is $100 but we we are looking at a possible review in the future.
The new minimum is $10
Hello will I have to re-open another account before investing in dollar?
luckysolomon444@gmail.com
I have invested in dollars mutual fund… It means I Will get my return in one year
Hi Jonathan,
How is the return/interest on your investment from November 27,2020 so far??
No you don’t have to, just click on invest in mutual funds, you will see the options there. You can navigate and alot with your account.
If I invest in the euro bond, it is expected that my return accrues in dollar, right? And how do I withdraw the dollar? Do I need to convert it to naira, if yes, how can I convert my dollar to naira on the app. Lastly, how long do I need to leave my investment on cowrywise? Or can I withdraw anytime?
Am interested. Let’s say I put in a $1,000. What the ROI…within 1 year.
Your interest is 6.6% then calculate it for one year, I think so
Hello,
As a Nigerian, can I save my money in dollars even though I don’t want to invest in a dollar mutual fund?
Pretty soon, yes!
If l invest in naira am l going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Am going to save in naira am going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Hello ope pls how much is $10 in naira
How long does the investment last.i.e when can I get my returns
I will give BIG CONGRATULATIONS to the entire Management of COWRYWISE for this wonderful opportunity to be a good investor with simple and sound education on various investment opportunities an investment can be done with little and grow within a short period period of time
God bless
Thank you so much ?
Now if I put 100$ in one year what is my return
If my return will be in the current dollar rate at the time, when i am investing and when am getting my returns, what exchange rate do u use? Black market rates or the bank rates – please verify in each case. Thanks.
Hello please if you can create the one we can start with the minimum $1 we’ll be happy ??
I just started investing in eurobond funds on cowrywise. So far so good, it has been a good platform to invest money and earn back. Kudos to the team behind this platform