Apply For Credit Card
Planning & Learning

I want to retire today, am I in any position financially to have my desired retirement lifestyle?

It may be a difficult question to answer, however, it is important to evaluate your financial situation as changes such as raising a family or even getting married, can affect whether you will meet your projected retirement goals. A regular check up ensures that you stay on track.

Significant life changes should spark a fresh look at your retirement plan.

  • Job change - employer retirement plans are the foundation of many persons' retirement plans.
  • Deployment - this may create a set back in your retirement savings until you get a new job.
  • Marriage - evaluate your finances and take a comprehensive approach to your retirement plans as there are now two people involved.
  • Birth or adoption - evaluate your retirement plan progress and consider your ability to start saving for college, too.
  • Divorce - each party in a divorce should make informed decisions about dividing assets — including retirement plans.

Here are some tips to help you assess your finances and look ahead to retirement.

Change your spending habits

When evaluating your plan, instead of looking at what you are saving, pay closer attention to what you are spending. Making positive changes to your spending habits now can put you on the right path to having a comfortable retirement.

Stay on track

It is easier to stay on track with your retirement planning, once you are in it alone, however, often times people forget or lose track when children come into the picture. They tend to focus on what their needs are, such as saving for college. If you find that you have gotten off track, spend the time and re-evaluate your budget so that you can save for college and retirement.

Keep these in mind when evaluating your finances and making adjustments:

  • A college student is able to get loans and scholarships to assist in paying for their tuition. But adults wishing to retire aren't so lucky!
  • Make every effort to check your progress every three to five years with an updated projection of your retirement savings, income and expenses. Checking your progress periodically allows you to make small adjustments along the way.

Increase the contribution amount

You may be working more money, you might want to consider using some of your extra income to increase your contributions to your retirement account. Sure, making extra would do well for you, especially if you need to make some major purchases like a new car or home to accommodate your family. Always remember that the earlier you save, the more your money can grow, so even the smallest contribution to your retirement savings will help to meet your future goals.

First Global Bank
First Global Bank Limited (FGB) is a wholly-owned subsidiary of GraceKennedy. The bank started in 1970 as The First National Bank of Chicago (Jamaica) Limited and was in 2002. FGB operates one of Jamaica’s best online and mobile banking platforms called Global Access, 8 main branches located in the urban areas of New Kingston, Downtown, Manor Park, Liguanea, Portmore, Mandeville, Ocho Rios and Montego Bay, and is expanding its reach into smaller communities island-wide with mini-branches and banking agents called First Global MoneyLink. 
Contact Info
  • By phone: 1-888-225-5342
  • By e-mail: fgb@gkco.com
  • Fill in the form on our contact page
Product Gallery
astropay bozdurma