The Eastern Caribbean Central Bank (ECCB) is advising persons to begin to plan early for retirement.
Financial Consultant and Former Senior Manager – Market Operations at the Eastern Caribbean Securities Exchange, Tarlie Francis, who was the guest on this week´s episode of the ECCB´s public education programme – ECCB Connects, said ¨the earlier the better¨ for retirement planning, as it gives persons more time to accumulate and build wealth.
Francis advised that saving for retirement is ¨putting money aside for a period of time when you will not be able to earn an income on a consistently monthly or annual basis.¨
He added that approximately 52 per cent of the money needed in retirement should come from savings while the balance should come from other sources such as social/national security benefits and investments.
He however pointed out that the percentage will vary from person to person depending on their lifestyle and investments. As such, Francis advised individuals to meet with their financial planners to discuss their retirement plans.