Are you 58 with no savings?

’Nimi Akinkugbe

Nigeria celebrates 58 years of independence next week. Sadly, we have not met our own expectations as a nation or attained the financial stability and security that we desire.

What does 58 mean to you? Are you 58 with little in the way of savings and investments? Can you see where 30 or more years of life can be funded? Will your children be willing and able to support the lifestyle you have grown accustomed to? Sadly, many people approaching the traditional retirement age cannot afford to retire.

There is no magic wand to wave and wish away the problem. Time is a fundamental part of successful investing and you have lost time. However, not all is lost; the good news is that there are concrete steps that you can take to help you along the journey to financial security. Here are some tips for late-starters:

Spend less than you earn

If you have been living a lifestyle dependent on that fat check that keeps coming in month after month, you will have to exercise the…

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