To Love and Beyond: Love Yourself to Wealth with Pension Planning

There remains this inextricable link between the month of February and all the feels that accompany the word ‘love’. This could very well be because of the global observance of Valentine’s Day in February and the extra emphasis on the importance of love in our lives, whether self-love or love from others.

Now we’ve witnessed some truly remarkable love stories, especially those where persons have given themselves permission to create the lives that they truly desire, and whether you want to admit it or not, that usually involves something beyond love - something like money, which takes us to that point of ‘beyond’.

HERE’S TO BEYOND LOVE!

Life happens in stages, characterised by varied challenges, opportunities and achievements, which means that planning for your future is an important process towards living the life you’ve always envisioned. That planning process should involve things like pension planning, which is a conversation that you must have at some point in your life. What’s even more, pension planning is an ideal expression of you loving yourself to wealth particularly with the added security that it brings.

PENSION PLANNING & THE JAMAICAN LANDSCAPE

A pension is a way to put some money aside that will function as income in your later years, so it’s simply your retirement plan. In the Jamaican pension landscape, the contribution system functions on three pillars - a government managed system which is referred to as the National Insurance Scheme (NIS); privately managed pension plans; and voluntary retirement savings.

IS THIS EVEN WORTH IT?

Paying into a pension plan is usually a good idea, especially seeing that life doesn’t necessarily stop at retirement. While at this stage you may be working less, a source of income is still essential to do all the things that you’ve always enjoyed your money doing for you. Besides, with what many may argue as our flawed genetic makeup, there are many complications that are associated with ageing, which only money and a solid financial plan will solve or sometimes just ease. So, the quicker you start thinking about where that income will come from for life beyond work, the more prepared you’ll be, while increasing the likelihood of living the retirement life you dream of.