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Planning & Learning

Begin Planning For Retirement

Enjoy the freedom that comes with retiring.

Planning for retirement involves a lot more than just saving for a vacation, it is important at every stage of your life. Your retirement plan should be an ongoing process that changes based on the events in your life. Even though the company you are working with may be providing a pension plan, it is important that you realize that the money that you save for yourself now is the same money that will provide you with the financial security you'll need tomorrow.

FGB's expert advice and guidance can help you stay on track as you reach towards your goals.

Retirement Planning Tips:

  • Start saving from early: It is never too late or too early for you to start planning for retirement, however, the earlier the better. The sooner you start putting aside money, the faster your savings will grow and the harder your money will work for you to help you enjoy your retirement.
  • Set goals: Be sure to select realistic goals for retirement such as how much money you'll need and where it will come from. Review your current needs and goals, as this will give you an idea of what you will need in terms of money.
    • Establish how you want to live in retirement, e.g. your residence, leisure, health care, etc.; and
    • Set a timeline for achieving your goals.
  • Evaluate Your present Situation: Knowing where you stand will help you focus on how much you'll need to save to support your lifestyle during your retirement, therefore, it is important to understand your present situation. Assess your resources by – collecting and organizing your financial documents; make a list of assets, liabilities, income and expenses. Analyze all of this data to see your overall financial situation.
    • What present expenses might affect how much you can save?
    • Are you currently putting money in a savings account?
    • Does your current employer offer retirement plans?
  • Develop A Financial Plan: After analysing your present situation, the next step is to determine how much income you'll need during retirement and how to start building a sound financial foundation now.
    • Calculate the gap between Current Resources and Established Goals
    • Evaluate Savings Plan Options
  • Execute Your Plan: Now that your plan is complete, your next responsibility is to stick to this plan. Remember the earlier you start saving, the farther you are ahead in building a solid retirement foundation.
    • Establish a savings and investment portfolio to meet your goals
  • Continue To Re-Evaluate Your Plan: Your life is not static, so update your retirement plan as the different stages of your life change. Review your plan often, at least annually. It is also important to work closely with your FGB representative to discuss life changes such as weddings, a new house or a new job that may affect your retirement saving strategy.

Review your goals as often as is possible to measure your progress. Doing this will also help you to see how better you can revise your plan, based on changes that may be happening in you life.

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. 
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