Are you planning for your retirement?

“In the end it’s not the years in your life that counts, it’s the life in your years.”

The above quote was made famous by Abraham Lincoln, the 16th president of the United States of America. His words are as true today as they were when he said them in the 1800′s.

Many persons are faced with the reality that although they are growing older, they are not ready to retire and give up a big portion of their income.  The most vulnerable group is the self employed as they have made no arrangements for their retirement.  They often just make enough to survive so there are no additional funds to put aside.

Retirement Options

Reaching your retirement goals requires smart planning and a disciplined approach to making investments.

Consumers can access a variety of programmes geared for self employed persons or those whose organizations do not offer pension plans.  These programmes are offered by Jamaica Money Market Brokers (JMMB), Sagicor, Jamaica National among other entities and generally they provide a structured programme where consumers can make plans for their retirement..

They offer services that are similar to a pension plan as customers make regular contributions to a special fund that will be managed by a team of financial investors.

As a Contributor, you will be able to make periodic salary deductions. These contributions can be made on a weekly, monthly, quarterly or annual basis. Another option is to arrange for standing orders from existing accounts.

Although the age of retirement is 65 in men and 60 in women, some people work well beyond that time as they had not made proper plans so they are unable to retire.

The government pension that is available for persons is woefully inadequate to meet their daily needs.So make your plans start early and make your retirement an enjoyable and stress free time in your life!

It might not be easy at first to find the additional funds but in the long run if you fail to plan then you plan to fail.

What’s your take? Drop me a line!

Teri Ann Renee Paisley

Gleaner on line writer

Tags: pension, retirement