What’s Up With Money: 17 Young Nigerians Say How Much They Need To Retire Right Now

We usually think of retirement as the day we finally ditch the 9-to-5 grind. But these days, it's more like hitting that sweet spot where you can say, "I'll work if I want to, but I don't have to."

Now, if you're young, retirement probably feels as far off as flying cars and sending food via text.

But here's the thing: having some kind of retirement goal, even if it's super vague, can actually help you get your act together now. It might shape the jobs you go for, how you handle your money, and even the relationships you build.

Curious about what other young people think about this, we asked several of them when they want to retire, their future retirement plans and how much they need to retire right now.

Here's what they said:

Nami, 26

Me? Just give me about $300,000, and I will retire today like this. Mostly because it'll give me the opportunity to invest (in stocks) and live off the returns.

It'll also release me from Nigeria's shackles and manacles. I don't know how much an investment visa costs. I know it depends on the country, but I'd like to buy a new visa that lets me travel.

I want to retire at 50, but since this figure looks like a pipe dream, I have resigned myself to the Nigerian retirement age of 65-whenever my body fails me.

Retirement plans? I'll first carry myself to Kenya, which will be my base. Then, I'll invest in startups or join one of those organisations that collectively invest in startups.

Some time ago, I would have said I’d invest in landed property in Lagos. But before you know it, someone will decide to run an expressway through my property.

I don't think I'll ever actually truly retire. I'll be too bored. But I'll definitely have A LOT of time on my hands. For leisure, it'll be travel, eat, see the world.

Adam, 26

Anything between $10 - $20 Million is the sweet spot for how much I need to retire right now. And not retirement as no more work, more like pursuing personal interests forever

My retirement plans are very simple and straightforward - I’d love to travel with my partner while pursuing personal and collective interests. After having a wonderful career, obviously, I want my businesses thriving, my children happy and succeeding, and my partner still very much in love, and don't forget - a wonderful physique.

Where would I live? Copenhagen. You know those cookie boxes that we turn to sewing kits after in African homes? I love those cookies so much. My mum got a box when I was much younger, and I read the box. They were Danish cookies, so I read on everything I'm Denmark, and I've been obsessed with the city since.

So, my ideal retirement scenario would be living in Denmark with a pastry/breakfast shop that grows into a chain across Europe. I need to introduce Europeans to the beauty of akara and bread.

Oye, 25

Hmm, I'm not really sure how much I need to retire. Probably ₦1 Billion.

But I think I'm not at the stage I consider retiring—that would be in my forties. But if I did have that amount now, I would spend the rest of my years until 40 doing what I enjoy instead of what brings the most money.

I would live in a state-of-the-art bungalow with a library on an island or in a remote countryside. I would most likely spend most of my time in the library, reading and writing. It would be close to the sea and far from humans.

My favourite place would be the library, and it would be painted white.

Z, 23

$10,000,000 in liquid form, excluding assets, and I will retire right now.

I want to be done with this capitalism sh*t by 45. Ideally, sooner, but I still live in Nigeria, so that’s gonna be hard. I never used to have retirement plans because I never thought I would make it past 20, but here we are. I also got a job where the company opened a pension account for staff, and it got me thinking maybe this is a plan that actual healthy people make.

Still, I’m not making any actual retirement plans right now. Let me get out of survival mode first. But my deal retirement scenario? No black tax, no struggling with bills, just doing things for the plot like skydiving, writing and sewing! I want to be able to give people things they need/want without overthinking my finances.

Also, I want to travel. I’d give Paris a shot, a city in Rome, and Asia for a bit. My final destination would definitely be Nigeria. I hate this place with my soul, but it’s home. If Nigeria isn’t better by the time I retire, then a village in England/Ireland, somewhere close to the water, where I can listen to music and go peacefully in my sleep.

Mercy, 22

It's kinda hard to fix a specific amount of money I need to retire. With the ever-rising cost of living, inflation, and overall somehowness of this county, I'd put it at about ₦50M.

I would like to retire at 60. I know it might sound “general” but peaceful is how I'd want my retirement scenario to be; ability to eat healthy (especially this), exercise, enjoy my hobbies, see friends, and no health-related wahala.

As for a living location, I think that would be very much influenced by where I grew up (the staff quarters of a university; it is the definition of QUIET). So I want a place that is quiet enough with just enough hustle and bustle to keep me active.

George, 19

$50 Million, and I am set for life.

I want to retire at 40. I think I would like to have an apartment in a megacity, like London or New York. Then, I would get a nice countryside house in the South of France for the romantic cottage vibes. When I retire from working, I would love to train young people artistically and have an art museum.

Lateef, 25

Hmm, $2 Million is my retirement money number. To be honest, I want to retire in my early 30s, and while my current earnings don't yet match my $2 million target, I remain optimistic. I understand that it's important not to judge the future solely based on the present circumstances.

After I stop working, I want to spend the rest of my life being present in my family’s life.

Where I would live? I'm not sure. What I would do? Definitely managing a farm. It might change but this has always been it.

Momo, 26

I don’t yet know how much I will need to retire.

Here’s what I do know: I’ll have a city home, a country home (aka a house in a remote part of town), and other properties I lease out to earn back my investment.

I’ll need money to continue pursuing my hobbies that require some money. I could ask for donations from my rich friends, to look at it as their CSR.

What age would I like to retire: even now now now sef, to retire from working for others and working for money. Just make me the beneficiary of a trust fund. I kid you not.

But to retire from chasing my pet projects? Never. When I am 60, I will reduce physical activity related to these things; if my brain still functions and my memory is intact, I will be a true “senior mentor”

But now that I think of it, I’ll retire at 42-47 from corporate and full-time hands-on roles. I’ll move to more board member and advisory roles and continue investing as a business angel. If I am still within the development space, I’ll be in the top executive section, leading strategy and stakeholders.

Where would I live when I retire? Again, a country home and a city home. I've been buying properties in multiple states for close to two years now. I’m interested in properties where we live because it also affects how we live.

And what would I do? I’ll do plenty of philanthropy. I started testing the waters of philanthropy when all my money went into a certain Fund to fund several organisations and hundreds of beneficiaries. I have come to learn that we don’t actually give when we get more money (bills increase, etc.).

Right now, I earn a lot more than what I earned in Nigeria, but my bills, rent, and standard of expenses are so different that they are beyond my control. So giving when I didn’t have a lot just showed me that people give irrespective of what they have.

Finally, I would love to grow old talking business and goals and have a partner who is very invested in this thing. Two heads are finer than one.

Jay, 26

How much do I need to retire? ₦100 Million if I'm being serious, ₦ 50 Million if I want to be reasonable. But I'm pretty young, so that doesn't seem attainable right now. Anything less than the amount I have mentioned would be setting myself up for failure.

45 seems like the perfect age to retire, but the economy and the state of the world would probably push it to somewhere around 65.

It would be foolish of me to have plans to retire in Nigeria as someone with the identity I have. If I want to fulfil my plans of growing old with someone, I would have to find a friendlier country.

Otherwise, Ibadan would have been a lovely place to retire.

A big compound with old Nigerian compound vibes with the trees and plants. Hosting loved ones every once in a while and doing some hobbies here and there while earning money from investments. That’s my ideal retirement scenario.

Chinwendu, 28

For me to retire right now, I need $4 Million.

The thing is, I am not sure I actually intend to retire, as people expect. You know, the retirement of not doing any work? I don’t think I intend to do that. I intend to keep working at the things that set my soul on fire and earning from them until I die.

Speaking of a retirement plan, my only plan is to get a cottage with a large farmland away from society and live my best ungovernable farm-to-table life.

Where would I live? I’m thinking of two places at a time: the outskirts of Calabar (because that’s my hometown) and the outskirts of a Scandinavian town. I intend to move between both. If there is one thing I know about myself, it is that I need to move about often to stimulate my mind.

Ene, 24

I want $20m right now, and I will retire immediately. But seriously, I want to go into politics, so there is no retirement for me. However, if I do retire, it would be at 60. I would get a farm in the middle of nowhere with a lake so I could go fishing. The farm would also have a greenhouse and horses with lots of cats.

Ngozi, 28

I can’t think of a figure that would make me retire right now, but it’ll have to be hundreds of millions at least, and a sustainable business that’s running without me being so involved.

I would like to retire before I am 50, ideally in my forties.

My retirement plans? Definitely not in Nigeria. My dream place to live would be in a calm neighbourhood, somewhere not too busy but not far from the fun, with a beach around. It would also be not too far from the people I love. I would want to enjoy my relationships more. I’ll be exploring cities, cultures, and food. Maybe I'll be a coach or advisor at an educational institution or something.

Anu, 25

$200,000, and I want to retire at 40. I would love to live on a farmland with a lot of trees. I don’t want somewhere urban or too rural. I just want a mix of both—a chill place surrounded by my friends and their families. I would love to travel, travel with my friends, and just have fun while at it.

Jenchat, 24

To be very honest, I'm not entirely sure about the exact figures for how much I need to retire.

I do know, though, that I'd have to be a millionaire in dollars to consider retirement, and I would like to retire at 40. I would love to live in a nice high-rise apartment with a great view of the city or a farmhouse. I'm a little indecisive, but it has to be one or the other.

I'm sure I'd travel a lot, and I'd spend a lot of my free time experimenting with recipes, especially baked goods. I also want to have a retirement job/hobby like teaching children how to swim or doing travel blogging

Dami, 29

If I get $1M, ideally USD but CAD will also do, I will retire.

My dream retirement is to retire at 55 and live on a large expanse with a garden and farmhouse, move away from civilisation, and slow life down. I will travel every other couple of months and get my vintage Land Rover Defender. I will consult part-time in financial planning and lecture in a university, all of this probably in a small European country.

B, 26

The way this world is going? Bring 5 million pounds, or rather 500k pounds a year, and I will be retired before you can say beans.

Honestly, I’m a writer, and I don’t think I’d ever “retire”, but as far as working for people goes, 50 years is the mark.

My dream retirement scenario is living in a big house that overlooks a large body of water and has literally everything inside. I’m talking gym, pool, and a small field for soccer. Please, I have big dreams, and I hate leaving my house. I would spend my days writing, reading, and entertaining my people. Basically, I would live my life as slowly as possible.

My dream retirement lifestyle is one where I do not have to rush. Just take my time to exist.

Uwem, 28

How much do I need to retire? Somewhere around $10 million. And even then, we'd have to really examine the meaning of retirement. Because I cannot live a life where I'm not productive.

The definition of retirement I agree with is having the choice of whether or not to work. And if I choose not to work, I will be okay and can still meet my needs and afford the things that bring me joy and satisfaction in life. I believe $10 million can make me say no to work and spend the rest of my days only doing the things I enjoy.

I’d like to retire at 50. My dream retirement scenario: I'm living with my wife in a quiet mountainous area, in a house next to a lake or creek, and I have a wide green space to be outdoors and care for some pets I have. I spend my productive hours on projects I'm actually interested in - whether it's running a non-profit that cleans pollution or building furniture to give out for free.