The Eastern Caribbean Central Bank (ECCB) is advising persons to begin to plan early for retirement.
Financial Consultant and Former Senior Manager – Market Operations at the Eastern Caribbean Securities Exchange, Tarlie Francis, who was guest on this week´s episode of the ECCB´s public education programme – ECCB Connects, said ¨the earlier the better¨ for retirement planning, as it gives persons more time to accumulate and build wealth.
Francis advised that saving for retirement, is ¨putting money aside for a period of time when you will not be able to earn an income on a consistently monthly or annual basis. ¨
He added that approximately 52 per cent of the money needed in retirement should come from savings while the balance should come from other sources such as social/national security benefits and investments. He however pointed out that the percentage will vary from person to person depending on their lifestyle and investments. As such, Francis advised individuals to meet with their financial planners to discuss their retirement plans.
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How about the Parliament introducing legislation to enact a 401K type savings program.Where the employers would match what the employees put in up to a certain percentage.Just an idea for young workers to begin saving for their retirements.
@BLACK-MAN
Remember that persons don not have to contribute to their 401K if they don’t want to. its optional.
What need to be implemented is a pension plan.
Coin Dadly: That is why you have a Pension Plan in Social Security.In my opinion,if you introduced a 401K Plan. I would think many young and younger workers would want to save in such a plan.When you leave an employer for another.Those funds are rolled over by you into an account at the new Employer 401K Plan.The plan has to be managed by a Financial Management Firm,Licensed in Antigua and Barbuda.When those contributors reaches the ages of retirement.They would have their 401K funds and Social Security as means of incomes.Hoping that by then Social Security would be solvent.
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