Haven’t you seen it time and time again where persons make serious money in their youth, but in their senior years they struggle to make ends meet. Come on sure you have. You have seen sports athletes, musician, entrepreneur. Let’s face it every athlete will not be like Usain Bolt who has received life partnerships with multiple corporations. So for those mere mortals like myself today we talk Retirement Scheme (We will all get old one day).
What is a retirement scheme? Simply put ( I like simple things) a retirement/pension scheme is just a type of savings plan to help you save money for later life. It also has favourable tax treatment compared to other forms of savings. This means for those of us who actually pay tax being a part of a registered pension scheme makes you pay less tax.
Benefits of a Retirement/pension plan
- Contributions made to a pension plan are tax deductible.
- A pension makes up for some of this loss/reduction of income in retirement;
- Investment income generated by the pension fund in which contributions accumulate are tax exempt.
- In the event of a member’s death, his or her spouse receive a pension or other benefit. If there is no surviving spouse, a benefit can be paid to a designated beneficiary or to the member’s heirs.
- The benefits accumulated in a plan cannot be seized.
Various types of pension schemes in Jamaica Seeing that Jamaica is a country that likes to give choices, it is only natural that the Financial Sector would provide the same in regards to retirement scheme. Please see listing below
- JMMB Retirement Solution – http://www.jmmb.com/retirement/
- Sagicor – https://www.sagicorjamaica.com/personal/pension/individual-pension-arrangements
- NCB Smart Retirement – http://ncbinsurance.com/news/56-ncbic-smart-a-taste-of-the-good-life
- First Heritage Co-operative Credit Union Limited – http://www.fhccu.com/2015-09-28-16-45-58/products/pension-gold
Invest now to live like a boss in your senior years.
ENSURE THAT ANY PENSION SCHEME YOU ARE APART OF IS REGISTERED WITH THE FINANCIAL SERVICES COMMISSION.
Need help organising your finances? Shoot me an email firstname.lastname@example.org