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7 Out of 10 Workers Not Saving Enough For Retirement

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retirees

Around 70% of working age individuals who began seeking financial advice from deVere Group to date this year were not adequately saving for their retirement, it has been revealed.

Nigel Green, the chief executive and founder of deVere Group, one of the world’s largest independent financial advisory organisations, with more than 80,000 clients and $12bn under advisement, says: “This is an alarmingly high percentage.

“Seven out of 10 of all the new clients we took on as a firm last year were not saving enough in order to be able to have a comparable lifestyle in retirement.

“When we initially meet with new clients, we do detailed studies of their current financial situation. Then we discuss what age they would like to retire and how much money they would need to have saved over their working lives in order to achieve this.

“This year, only about 30% were saving enough to be able to make their own long-term financial objectives a reality and having enough money to last throughout their retirement.”

He continues: “The high number of individuals not having accumulated enough for their retirement is concerning for many reasons including because we’re living longer, meaning the money we save throughout our working lives has to last longer.

“In addition, in the future, it’s unlikely that governments will be in a position to support older people like they have done for previous generations; plus many company pension schemes have ballooning deficits.

“Also, it should be remembered that it might not be possible to work longer if necessary due to ill health, lack of career opportunities, or because you need to look after sick or elderly relatives.  The decision might not be up to you in the end.”

Bearing this in mind, how much income should we be putting aside for our retirement?

That will depend on your age and when you started saving, amongst other factors.

However, in general terms, deVere Group, which has helped tens of thousands of savers get on track with their retirement planning, suggests that people aged between 25 and 34 should be saving between 15 and 20% of their income, for those between 35 and 44 this should increase to 20 to 30%, for the 45 to 54 bracket it goes to 30-40%, and those 55 and over would need to save a considerable amount more.  Of course, this all depends on the individual and their personal and professional circumstances.

Mr Green concludes: “Whatever stage you are at in your working lives, the time to start saving is now. The earlier you begin, the easier it will be to reach your long-term goals.  And it’s never too late to start saving for your retirement.”

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Job Vacancies: Business Writer, Editor at Investors King

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Business Writer at Investors King

Location: Remote
Type: Full-Time
Industry: Digital Business Media

Responsibilities:

  • Research and write articles on financial markets, economic trends, and business news.
  • Analyze market data to produce in-depth reports and commentary.
  • Collaborate with editors to ensure content aligns with editorial standards.
  • Stay updated on industry developments to deliver timely and relevant content.
  • Conduct interviews with industry experts and stakeholders.

Requirements:

  • Proven experience in business writing or journalism.
  • Strong understanding of financial markets and economic concepts.
  • Excellent research, writing, and editing skills.
  • Ability to produce clear, engaging, and accurate content under tight deadlines.
  • Familiarity with digital media platforms and SEO practices.

Preferred Qualifications:

  • Degree in Finance, Economics, Journalism, or a related field.
  • Experience with data analysis tools and financial reporting software.

Benefits:

  • Competitive salary and performance-based bonuses.
  • Flexible working hours and remote work opportunities.
  • Access to industry events and networking opportunities.
  • Opportunities for professional growth and development.

How to Apply:
Interested candidates should submit their resume, cover letter, and writing samples to careers@investorsking.com. Please include “Business Writer Application” in the subject line.

Post of An Editor at Investors King

Responsibilities:

  • Oversee the production of high-quality articles and reports.
  • Edit and proofread content to ensure clarity, accuracy, and adherence to editorial standards.
  • Manage a team of writers, providing guidance and feedback.
  • Develop and implement content strategies to drive audience engagement.
  • Collaborate with stakeholders to maintain the brand’s voice and vision.

Requirements:

  • Proven experience as an editor in business journalism or related field.
  • Exceptional editing and writing skills.
  • Strong understanding of financial markets and economic concepts.
  • Ability to manage multiple projects and meet tight deadlines.
  • Familiarity with digital media platforms and SEO best practices.

Preferred Qualifications:

  • Degree in Journalism, English, Finance, or a related field.
  • Experience leading a team of writers and content creators.

Benefits:

  • Competitive salary and benefits package.
  • Flexible working hours and remote work opportunities.
  • Professional development and growth opportunities.
  • Access to industry events and networking opportunities.

How to Apply:
Interested candidates should submit their resume, cover letter, and editing samples to careers@investorsking.com. Please include “Editor Application” in the subject line.

Join Investors King and contribute to shaping the future of digital business media!.

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President Tinubu Sets New N70,000 Minimum Wage, Promises Regular Review

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President Bola Tinubu has approved a new minimum wage of N70,000.

This decision follows a meeting with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the Presidential Villa in Abuja.

The announcement, made by the Special Adviser on Information and Strategy, Bayo Onanuga, also includes a commitment to review the national minimum wage every three years.

This measure aims to ensure that wages keep pace with inflation and economic conditions.

“President Bola Tinubu has approved N70,000 minimum wage for Nigerian workers, with a promise to review the national minimum wage law every three years,” Onanuga stated on social media platform X.

During the meeting, President Tinubu also pledged to explore ways to assist the private sector and state governments in implementing the new wage structure.

This gesture acknowledges the financial challenges faced by various sectors in meeting the wage increase.

Labour leaders expressed appreciation for what they described as the President’s “fatherly gesture.”

The President further committed to using his executive authority to address the four months’ salary arrears owed to university unions, highlighting his administration’s focus on education and worker welfare.

This development marks the second meeting between the President and labour leaders in a week, underscoring the government’s proactive approach to addressing workers’ concerns and promoting economic stability.

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President Tinubu Asserts Minimum Wage Will Reflect Nigeria’s Economic Realities

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Bola Tinubu

President Bola Tinubu declared that Nigeria’s minimum wage will be determined by what the nation can afford.

Speaking at a dinner celebrating Nigeria’s 25 years of unbroken democratic rule, Tinubu said it is necessary to align the minimum wage with the country’s economic realities.

“The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford,” President Tinubu stated, addressing a gathering of dignitaries and officials in Abuja on Wednesday.

This pronouncement comes amid ongoing discussions and debates about the appropriate level for the national minimum wage.

The Organised Labour has been vocal in its demand for a significant increase, proposing a minimum wage of N250,000, far exceeding the N62,000 suggested by the federal government team in the Tripartite Committee on Minimum Wage.

In response to Tinubu’s statement, Labour leaders have reiterated their stance, refusing to accept what they term a “starvation minimum wage.”

Tinubu’s remarks also touched on the broader issue of food inflation, a critical concern for many Nigerians. The President acknowledged the role of banditry in exacerbating food scarcity and driving up prices.

“The promises I could make is to struggle to bring the food price down but those bandits must leave the farmers alone and bring Nigeria back to its glory of production and harvesting,” he said.

Highlighting the challenges posed by entrenched interests in the oil industry, Tinubu noted that those accustomed to significant profits over decades are resistant to changes that might disrupt their financial advantages.

This resistance, he argued, is part of the broader struggle Nigeria faces in its path to economic stability and growth.

Reflecting on the nation’s democratic journey, Tinubu expressed pride and optimism. He recounted a humorous incident from the morning’s Democracy Day parade, where he stumbled while performing the traditional Yoruba “dobale” (prostration). “Democracy is worth falling for,” he quipped, underscoring his deep commitment to the democratic process.

The President also addressed calls for fiscal prudence from various quarters, particularly in light of Labour’s demands. He urged Nigerians to manage their expectations realistically. “They ask you to cut your coat according to your size, if you have size at all,” he remarked, advocating for economic policies that reflect the nation’s financial realities.

Tinubu praised the spirit of unity and cooperation demonstrated by leaders across party lines, acknowledging the presence of governors from various states and parties at the dinner.

He reiterated the importance of national unity, saying “Is it not true that Nigeria is greater than any one of us? The unity of this country cannot be traded.”

The President also took a moment to reflect on criticisms regarding the reversal to the old National Anthem, defending the decision as part of Nigeria’s rich cultural heritage.

“If you cannot change the name Nigeria are you the creator of Nigerian name?” he queried, affirming his commitment to the country’s identity and unity.

As Nigeria looks to the future, President Tinubu called for collective effort and investment in national orientation to instill a sense of responsibility and patriotism in the younger generation.

“We will make Nigeria a tremendously successful country if we gather as we gather here tonight and encourage our children about the charter of our value system,” he stated.

In closing, Tinubu highlighted the importance of rejecting corruption and upholding integrity, praising customs officers in Kebbi and Ondo for their recent actions against bribery and vandalism.

“Citizenship is not just the dictionary meaning of it; it is the actual character in us, and we must teach these ones to achieve it,” he concluded.

The dinner was attended by notable personalities, including former Foreign Minister Bolaji Akinyemi, diplomat Babagana Kingibe, veteran journalist Segun Osoba, and political leaders Bisi Akande, Pius Akinyelure, and Lawal Shuaibu, among others.

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