Sooner Than You Think

I may be a single mother of one, but I’m my own retirement plan. My parents spread their risk and had four children, but their generation had the expectation that their children would look after them in their twilight years. Values, no doubt, passed down from our African ancestors who put community above all else.

Gen X’ers (myself included) and some millennials are currently taking care of their elderly parents. Many of us are not in formal employment, so we don’t have the luxury of company medical insurance, pensions or retirement funds. We want to build, but the system is broken. And if we’re complaining, I fear the up-and-coming generations (Z, Alpha and Beta) have next-to-nothing. Collectively, our primary focus has been on surviving, and the little we have is nowhere near enough to secure all our futures. So, what’s the plan?

Here’s my pitch:

  1. Start with your health. You need a health assessment. Do your relatives live long, healthy lives, or are you predisposed to certain medical conditions? You need to start taking preventive measures, taking better care of yourself, and to take out insurance. The younger you are, the lower your risk and the lower your medical or life insurance premiums.

  2. Know your retirement number. The rule of thumb is to multiply your expected annual expenses by 25, it gives you an estimate on the money you’ll need to maintain your desired standard of living (remember to factor-in inflation). Use this number to set your financial goals and secure your future.

  3. Set up your own retirement fund. One day I was living my best life, and in the blink of an eye, I’m now on the 5th floor looking retirement right in the eye. According to statistics, the average lifespan these days is 70 years old. If you retire at 50 and live to 70, that’s 20 years worth of life left to finance. Today, you don’t have to be in formal employment to save with NSSF or open an individual provident/pension fund. Explore all your options and start putting aside your retirement money now.

  4. Find your ikigai. Determine what you love, know what you are good at, find out what the world needs, and what it’s willing to pay you to deliver. This will help you find a purpose, have something to look forward to, and keep you busy and productive in your twilight years.

  5. Organize your affairs and define your legacy. Legacy isn’t about money; it is about remembrance. In my village, my grandmother is remembered for always having a meal to share with anyone that was hungry – that was her legacy. Decide who should make decisions should you become medically incompetent, and what should be done with your financial assets when you pass on. Determine what values and life lessons you want to pass on to future generations. Most of us no longer live in villages, or with have large extended families, but we still have the ability to build systems and communities that will endure beyond our lifetimes. Consult with a lawyer to formalise all these arrangements. Don’t leave things to chance; this is how family wrangles begin.

So, do you have a retirement plan? Or are you living on vibes, Inshallah, and God’s mercy? Share your thoughts here in the comments, or DM me – @KagoTMD on TikTok, Instagram and LinkedIn.

If you're interested in watching full video essays of this and other topics I've discussed here, visit and subscribe to my YouTube channel.

Let's build your future, together.

Image courtesy of FreePik

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