Retirement Planning

"The way to get started is to stop talking and start doing."- Walt Disney

 

How much do i need to save for retirement?  That is a question everybody asks themselves at least once a week.  We all want to retire early and we all want to know the answer to that question, but first we have to plan what we want to do in our retirement.  If we are happy enough staying at home and enjoying the grandkids and friends down at the club then we will need to save a lot less than if for the next 10 years we wish to travel around the world on an expensive ocean cruiser.  So next time you ask your self how much do i need to save for retirement have a plan in place and have a meeting with your financial advisor and he will give you the answer.  We have a range of options above that may help so feel free to explore them.

The Time for planning for your future is now but in today's fast paced, hectic world many people put off important decisions until another day. The excuses, "I don't have time to plan", "I can't afford to invest", and "I really don't understand" will jeopardize your achievement of your financial goals. The truth is you shouldn't delay. The earlier you start, the more you can maximize the power of time to help realize your retirement goals. Unfortunately, as I've told you before, one of the misconceptions is that you don't have to start planning until a year or so before you actually retire. Sure, you may have been saving for your retirement for many years, but have you really been planning? American research suggests that people who take the time to plan ahead end up with more resources when they are ready to retire.

Once you know your basic goals-your retirement age, the type of lifestyle you want, and how much income you'll need-you can create a plan to achieve them. If you wait until the last minute, you won't have time to make up the potential gap between expenses and retirement income. This gap is certainly one that most Bahamians can expect to face as a result of your saving and investing habits coupled with the lack of National Insurance resources to fund expected retirement benefits. Another misconception is that your employer or your human resources department at work will give you all the information you need to make your financial plans for retirement. Therefore, most persons wait for their employer to initiate the retirement planning process. Unfortunately, your employer is not required by law to provide you with a pension or information about pension. Fortunately, a number of employers have provided their employees with a pension plan. However, these plans are only required to provide you with basic information -such as the date when you will become eligible to receive a pension, how much you will receive if you retire on different dates, and the options for withdrawing money out of your account. But your employer has no obligation to educate you about other important retirement topics such as Retirement planning, National Insurance benefit entitlements, or Life and Medical Insurance needs during retirement.