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Financial experts are urging Barbadians to diversify their retirement planning beyond the National Insurance and Social Security Service (NISSS) as the country prepares for scheduled increases to the retirement age. With the retirement age set to rise from 67 to 67.5 in 2028, and further to 68 by 2034, concerns regarding the long-term viability of the national pension system have prompted calls for individuals to take greater control of their financial futures. Speaking on Starcom Network’s Sunday Brass Tacks programme, Peter Arender, Chief Executive Officer of Fortress Fund Managers, compared financial security to a meal, suggesting that the NISSS should be only one component of a broader strategy. He encouraged individuals and companies to prioritize private pension plans, mutual funds, and shares to ensure a more stable retirement. “Whether or not the NISSS continues to build and grow in the ways that it needs to support its current promises, I don’t know that anybody knows, but we can see the direction of travel in the last several years, and it hasn’t been towards earlier retirement ages and bigger benefits,” Arender said. He added that employees who opt out of company pension plans are effectively “leaving money on the floor” that could otherwise contribute to their long-term security. Michael Jordan, Executive Director of JMMB Barbados, echoed the need for proactive financial planning. He advised potential investors to consult with a broker to determine their specific objectives, noting that investment strategies should be tailored to whether the goals are short-term or long-term, and whether they are intended for the individual or their descendants. Jordan emphasized that before beginning an investment journey, individuals must first ensure they can meet essential financial obligations, such as housing, utilities, and food. Once these needs are met, he suggested that individuals assess their disposable income to determine their capacity for risk and their ability to invest. Article source: Daily Nation | Image credit: Daily Nation
Financial experts are urging Barbadians to diversify their retirement planning beyond the National Insurance and Social Security Service (NISSS) as the country prepares for scheduled increases to the retirement age. With the retirement age set to rise from 67 to 67.5 in 2028, and further to 68 by 2034, concerns regarding the long-term viability of the national pension system have prompted calls for individuals to take greater control of their financial futures. Speaking on Starcom Network’s Sunday Brass Tacks programme, Peter Arender, Chief Executive Officer of Fortress Fund Managers, compared financial security to a meal, suggesting that the NISSS should be only one component of a broader strategy. He encouraged individuals and companies to prioritize private pension plans, mutual funds, and shares to ensure a more stable retirement. “Whether or not the NISSS continues to build and grow in the ways that it needs to support its current promises, I don’t know that anybody knows, but we can see the direction of travel in the last several years, and it hasn’t been towards earlier retirement ages and bigger benefits,” Arender said. He added that employees who opt out of company pension plans are effectively “leaving money on the floor” that could otherwise contribute to their long-term security. Michael Jordan, Executive Director of JMMB Barbados, echoed the need for proactive financial planning. He advised potential investors to consult with a broker to determine their specific objectives, noting that investment strategies should be tailored to whether the goals are short-term or long-term, and whether they are intended for the individual or their descendants. Jordan emphasized that before beginning an investment journey, individuals must first ensure they can meet essential financial obligations, such as housing, utilities, and food. Once these needs are met, he suggested that individuals assess their disposable income to determine their capacity for risk and their ability to invest.
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