Abiola Adediran 
Imagine yourself sitting on your porch, the sun setting over a quiet evening. There’s a gentle breeze, and you’re sipping your favorite drink, reflecting on the life you’ve built. It’s peaceful, and you’re filled with a sense of accomplishment. This is the retirement you’ve worked hard for, the one you’ve planned meticulously. But here’s the thing—getting to this picture-perfect moment requires more than just hoping things will fall into place. It demands careful planning, especially for women.
Let’s face it, when it comes to retirement, the cards are stacked a little differently for women. On average, women live longer than men, which means our retirement savings need to last longer. But that’s not the only reason we need a unique approach. Many women take breaks from their careers to raise children or care for aging parents, and those career gaps can have a significant impact on retirement savings. In many cases, women earn less than men over their careers, which can mean lower savings and smaller pensions.
Additionally, women are more likely to work part-time or in jobs that don’t offer retirement benefits. This makes it even more crucial to have a tailored retirement plan that accounts for these realities. The earlier we start planning, the better positioned we are to secure a comfortable and stress-free retirement.
If you’re a single mother, you’ve got even more on your plate. Not only are you the primary breadwinner, but you’re also the caretaker, the teacher, and so on. This juggling act leaves little time for thinking about retirement, and even less money to save. But here’s the silver lining—single mothers often do better with budgeting. You’ve been making the most out of every naira for years, and that skill is your secret weapon.
By starting early and making even small contributions to a retirement account, you can set yourself and your children up for a secure future.
Prioritising financial education can make a significant difference and it’s also worth considering life insurance and a solid estate plan to ensure that your children are taken care of in case anything happens to you. While it might seem overwhelming, taking these steps is crucial for securing both your future and your children’s.
Many women experience career changes, whether by choice or circumstance, and these changes can throw a wrench into retirement plans. Whether it’s taking time off to start a family, switching careers, or starting a business, each transition can affect your savings.
But here’s where the opportunity lies—every change is a chance to reassess and adjust your retirement strategy. For instance, if you’re moving to a lower-paying job that you’re passionate about, you might need to save a bit more aggressively. Or, if you’re starting a business, consider setting up a retirement account that allows you to continue building your nest egg.
Retirement is about more than just numbers; it’s a major life transition that can stir up a lot of emotions. As women, we often tie our identities to our roles—whether as professionals, mothers, or caregivers. Stepping away from those roles can feel disorienting. That’s why it’s so important to think about what you want your retirement to look like emotionally and mentally.
What passions or hobbies do you want to pursue? How will you stay connected with family and friends? Answering these questions now will help you create a retirement that’s fulfilling in every sense of the word.
Finally, let’s talk about taxes—an area that’s often overlooked but crucial in the Nigerian context. The tax landscape here can be complex, but with a little planning, you can minimise your tax burden in retirement. Start by understanding the tax implications of your retirement savings accounts. For example, contributions to certain pension schemes might be tax-deductible, which can reduce your taxable income today.
Also, be mindful of the tax rates that will apply when you start withdrawing from your retirement accounts. By working with a tax professional, you can develop a strategy that keeps more of your hard-earned money in your pocket during retirement.
Securing your future as a woman requires a retirement plan that reflects the unique challenges and opportunities you face. Whether you’re a single mother, navigating career changes, or simply trying to make sure you have enough saved, the key is to start planning now.
Take control of your financial future, and when that sun sets on your golden years, you’ll be able to sit back, relax, and enjoy every moment of the life you’ve worked so hard to build. After all, you’ve earned it.
Abiola Adediran is a Family Business Advisor, corporate finance and business strategy expert with nearly 2 decades of work experience that cuts across investment banking, consulting, private equity, wealth and family office management. She is the Founder/Managing Consultant of Midridge International, a pan-African strategy consulting and financial advisory firm. She is also currently a Partner at Genea Family Office.