Attorneys bank on real estate

Jacqueline Cummings Gordon, president of the Jamaican Bar Association, has acknowledged that some members of the legal profession neglect to plan effectively for retirement.

“This is something you will see among members of the older generation because before, persons who are in their 60s and 70s now could not just go out and buy a retirement plan. [It’s] only in these times that such a thing exists. Otherwise, you would have to be working with a company and become a part of their employee scheme in order to have any real, secure retirement plan,” she said.

Cummings Gordon noted that real estate was often considered the “retirement plan” for many older lawyers. She noted that the income earned from the property is what many use to finance their needs in retirement.

Cummings Gordon pointed out that, unfortunately, many attorneys continue to make the mistake of not establishing bona

fide retirement plans.

“I think it’s just a matter of willpower because most people don’t buy insurance, so unless an agent comes knocking at their door and explains to them the benefits of insurance and convinces them to invest in it, it’s not something that most think about. It’s the same thing with pension plans, especially when you’re young, ”she reasoned.

Cummings Gordon said that one of her objectives as president of the Bar association is to establish a medical insurance and retirement scheme for members of the profession, “especially those who work for themselves”.