THREE MAIN REASONS TO PLAN AND PROTECT YOUR RETIREMENT SAVINGS

Have you started thinking about and saving toward retirement? Is it difficult for you to put aside money each month for retirement? Will you be able to afford the type of lifestyle that you desire after retirement? If these are not questions you have been taking into consideration, we have compiled a list below of some main reasons why you should start doing so.

Spiraling Health Care Costs:

It is no secret that many Jamaicans cannot afford the type of health care that they need, and to make this reality even more striking, is the rising cost of health care. With a longer life span, managing health care costs can be a critical challenge for retirees. Consider putting aside a portion of savings for health care and purchasing long term care insurance, this can make your retirement a healthy experience.

People are living longer!

There are many healthy 65-year-olds who will live well into their 80s or even 90s, resulting in another 20 or more years of retirement income. Underestimating how long you will live can be a major pitfall to your retirement years. Make use of every opportunity to maximize your retirement savings, such as making the maximum voluntary contribution.

Inflation:

Inflation can eat away at the purchasing power of your money over time. This affects your retirement income by increasing the future costs of goods and services. Even a relatively low inflation rate can have a significant impact on a retiree’s purchasing power. Again, making use of opportunities that will increase your retirement savings is critical.

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