Retirement planning in Africa is different. Many people work in the informal sector — no company pensions, no guaranteed safety nets. That means your retirement is in your hands. Here’s how to prepare:
- Think Beyond Government Pensions: In many African countries, most people work informally and won’t receive a pension. If you’re a trader, farmer, or self-employed, your future depends on what you save today.
- Use Mobile Savings Tools: Platforms like Cowrywise, PiggyVest (Nigeria), M-Pawa (Tanzania), or Stokvels (SA) make it easier to put money aside weekly or monthly, even in small amounts.
- Invest in Land or Rent-Income Property: One plot of land today could be your income tomorrow. Renting out even a small space brings cash flow when you’re older.
- Don’t Rely Only on Family: “My children will take care of me” isn’t a plan — it’s a hope. Make a backup. Life happens.
- Join a Savings Group (ROSCA or VSLA): Community-based saving circles help you stay committed and access lump sums. Trust + accountability = strong habits.
- Plan healthcare costs. Set something aside for medical expenses — they often rise with age and catch people unprepared.
Retirement isn’t just about age – it’s about preparation. No matter how small your income, start planning now. Your future self will thank you.