Omolabake Fasogbon

Last month, 28-year-old Principal Software Engineer at Moniepoint, Julian Duru, made headlines after announcing his retirement from paid employment after working for 10 years. 

Duru, on his X handle, disclosed how he joined Moniepoint upon graduation when he was yet 20, and how he achieved financial stability over time. 

In his parting words, the young lad hinted at moving on to build his AI startup, explore his interests and curiosity, as well as live his best life.

“This is a resignation from paid employment, but not from ambition and purpose. I will continue to do everything I can to support my fellow humans with whatever resources the universe has blessed me with”, he said.

Duru’s announcement sent the social into frenzy, drawing reactions split between praise for his bold decision, skepticism about its feasibility, and curiosity about his career trajectory. 

Some comments expressing doubts on the post read: “Unrealistic write-up”, “Too early to quit”, “He is not 28, Pure lies”, 

At the same time were remarks that expressed optimism, inspiration and even advised on sustainable post-retirement living. 

There were comments as, “No noise, no public display of wealth, just living Life… I doff my hat”, “Huge congrats on this achievement! Your hard work and dedication are truly inspiring, especially the part of planning retirement”, “Your story inspires! You made history, congratulations”, “Wow! This is so great and inspiring looking at your pic very young and have achieved this fabulous milestone. Much importantly, Boss have you picked a tax rebate or life insurance policy with a reliable insurer to help backup this great achievement? “

Tales of young folks standing down as early as age 30 are scarce, but they are not uncommon. For some reason, many view such a move as bizarre in this climate, for obvious reasons not limited to poor economic situation, late education and employment as well as risk of living the rest of one’s life on one’s terms. 

Although the traditional retirement age in Nigeria stands at 60, the Director of Centre for Pension Rights Advocacy, Ivo Takor, drew attention to a shifting trend among the present generation, whom he said are getting more inclined to entrepreneurship than traditional employment. 

He said, “In Duru’s case, his decision to pursue entrepreneurship is reflective of broader global trends. Technology is a key driver of economic growth across all sectors, and he likely identified greater potential in building a business than remaining in paid employment. His move should not be viewed as retirement in the conventional sense but rather a strategic career shift.

“Young entrepreneurs like Duru and others who choose to leave paid jobs in favor of building businesses are positioning themselves for long-term success. Their ventures may not only provide financial stability but could also outlast them, creating lasting legacies.”

In recent times, there has been a trend of early retirement below the conventional benchmark, not just among employees, but even founders who have built a structure early enough. 

In 2012, the United Kingdom reported early workers’ retirement as being behind labour shortage impeding its economy. Also, the United States of America once linked its debt problem to premature exit of workers from its labour force.

This decision, although it comes with consequences, it is becoming more popular among the youth in modern days. Like Duru, renowned actress and media personality, Nancy Isime once revealed her plan to exit work early, noting she started working since she was 17 to establish financial stability before retiring early.

Defending early retirement, a Financial/ Equity Analyst, Ambrose Omordion, said it enables one pursue other passions, while still very much active, adding that late retirement can leave one redundant.

He warned that taking this decision must, however, be with caution to avoid sliding into retirement poverty- a situation where individuals lack sufficient financial resources to maintain a decent standard of living after they retire. 

Of importance, according to him, is embracing planning, disciplined financial habits, and a clear sense of purpose from an early age. 

“Young people can begin laying the foundation for early retirement as early as age 15 or 17 by cultivating financial literacy, starting a career early, and adopting a culture of savings and investment.  A focused young person can retire before 30 if they plan right. As they work and possibly still live with their parents, it’s the best time to save aggressively, avoid unnecessary spending, and channel money into productive investments, “he submitted. 

He added that having multiple income streams and a well-defined investment strategy is quite key. 

 “Retirement poverty is real if you don’t build wealth intentionally. Engage yourself early, know your goals, and identify the right vehicles of investment that suit your timeline.

“It is also important to avoid the trap of consumerism and peer pressure. Don’t live a life of competition. Some buy phones worth a year’s rent without having stable income, that’s financial suicide. As you plan to retire early, learn to pay yourself first, spend on needs and not want, continuously educate yourself on money and businesses. You don’t graduate from financial literacy”, he said. 

On his part, Financial Consultant, Kola Amzat, advised on a holistic post-retirement plan that goes beyond savings, to avoid regret. 

“Prospective retirees must ensure they have a comfortable house both where they currently operate, and another in their hometown. That physical stability offers a sense of security. 

“A minimum cash reserve of N8 to 9 million is necessary to cover bills for at least a year or two post-retirement. But beyond that, they should incorporate two or three companies and build strong clientele networks across private and public sectors,” he admonished. 

He further recommended investing in club memberships and positioning spouses in viable businesses. “These connections and structures can insulate one from the vicissitudes of retirement life,” he said.