Are you saving for your retirement?

I saw an advertisement on the television that really got me thinking about the future of most working Jamaicans. Most thirty year to forty year old working Jamaicans look forward to retiring at 60 – 65 years old. They have earned the right to relax after years of working hard.

The advertisement I saw referred to how the cost of items have increased over the years.
For example, it stated that a loaf of bread cost $40.00 in 1996 and we all know that a loaf of bread costs approximately $220.00 in 2013. The question is, ‘How much will it be when you retire?’

As the economy fights to stay afloat consumers have been warned that they will continue to face increases in baked products in the new year. There will also be increases in other products to contend with as prices continue to rise over the years until I have reached the age of retirement. That’s certainly a sobering thought!

So what should you do if you have a few more years left for retirement?

1. Start planning now! Don’t wait until it’s staring you in the face.
2. Decide how much money you need to maintain your lifestyle and multiply it to account for inflation.
3. Put aside some funds in a long term account.

Self employed persons especially need to be careful as they might not have a structured pension plan. They must plan for the future as they will not be able to work indefinitely.

Are you ready for retirement? Let me hear for you!

Teri Ann Renee Paisley, Gleaner Online Writer

Tags: pension, save