The sooner you begin to save for your retirement the better. Due to the power of compounding interest, smaller amounts of money invested now will yield greater returns in the future, as opposed to larger amounts invested closer to retirement age.
FREQUENTLY ASKED QUESTIONS
1. What if I cannot afford to save for a pension?
Do you have a backup plan for funding your retirement? It is advisable to START even if you start small. Review your budget to reduce unnecessary spending and work with a Financial Planner or Advisor to develop your retirement plan.
2. What should I do if I have less than 15 years to retirement and do not have a pension plan?
Create a budget with the aim of reducing spending and paying down debt so that you can direct more of your income into investments. Consider working at a reduced pace post-retirement or utilize your talents and hobbies to supplement your retirement income. Use our cashflow calculator to determine your personal cashflow, which will assist you with budgeting. What is my current cashflow? - Sagicor