PENSION GOLD RETIREMENT PRODUCT
OVER THE last few decades, life expectancy has increased significantly. Jamaicans are living longer, and early retirement is more common. This means retirees need adequate income at retirement, a period that may last twenty-five (25) years or more.
Planning for retirement is the smart thing to do.
RETIREMENT PLANNING
This should involve establishing income goals, setting a timeline for fulfilment of the plans and outlining the action plan necessary to achieve those goals. Identifying sources of income after retirement, estimating retirement expenses, implementing a savings program to save toward retirement and managing assets and risk should all be considered in retirement planning. Financial independence, is possible at retirement.
HOW TO START PLANNING FOR RETIREMENT
Retirement expenses are determined by lifestyle and are unique to each person. So, instead of trying to achieve a random savings goal - like $10 million or $50 million - by the time you retire, consider your fixed expenses such as electricity, food, transportation and housing and also anticipate expenses relating to health and medical needs, travel and more.
Once those figures are finalised determine the period within which you have to save. Also determine the amount of money you need to be saving on a monthly, quarterly or annual basis to reach that retirement goal.
Consider these steps to plan for your retirement:
1. Set your retirement goals
2. Assess your current financial position
3. Identify retirement income sources
4. Evaluate retirement risks
5. Understand health care issues
6. Invest your retirement assets
7. Manage your retirement income
8. Monitor your retirement assets
9. Connect with an FHC representative to provide detailed guidance on your retirement planning
FHC INVESTMENTS RETIREMENT SCHEME – PENSION GOLD OFFERING
The FHC Retirement Scheme, our Pension Gold offering, is a retirement plan for all Jamaicans between the ages of 18 and 59, who are not currently contributing to a Pension Plan. The Scheme is approved by the Tax Administration of Jamaica (TAJ) and The Financial Services Commission (FSC).
Pension Gold grants access to a tax-deferred retirement account that will reduce the taxes for individuals up to a maximum of 20 per cent of gross annual income. This is a big boost to pension savings, as monies that would normally be paid out as taxes can now be added to retirement savings.
BENEFITS OF PENSION GOLD
At FHC Investments Limited (FHCIL), helping members to attain financial health and success comes first. Pension Gold gives members an opportunity to select from a portfolio of assets based on individual risk tolerance. Thus, FHCIL’S advisors are able to create a financial plan that is suitable for unique member needs.
Early retirement is available to all contributors to the scheme, and in the event of death, the beneficiaries of the members of the Pension Gold offering are eligible for a benefit.
RETURNS ON PENSION INVESTMENT
There is much to gain from this investment. Returns will vary based on investment options and allocations available within a retirement plan.
It is important to speak with an FHC representative to understand the offerings and risks associated. Generally, the greater the asset’s growth potential, the greater the risk. An individual with a longer period of investment takes on more risk within a portfolio than one who is near retirement. Therefore, the basics of asset allocation and risk tolerance, in conjunction with investment period should inform your portfolio to help you reach your retirement goals.
For more information on the Pension Gold retirement scheme, text or Whatsapp ‘RETIREMENT’ to 876-5649485 or call today at 876-908-1502. You can also email us at fhc.investments@fhccu.com .