Experts in pension planning, retirement, social security, and investments
encouraged working adults to pay closer attention to pension planning, stating that
data shows that the population is largely under-pensioned and unprepared for life
following retirement.
This was revealed during “Let’s Talk,” an online webinar hosted by Sagicor for
participants of the Eastern Caribbean recently. All of the panelists at the webinar
agreed that for the most part, people are not well prepared for life following
retirement, and it is important that persons consider developing multiple income
sources before their retirement date.
Among the panelists was the Superintendent of the Antigua and Barbuda Social
Security Scheme (SSS), David Matthias who provided great insight from the
public sector perspective.
He said, “The misconception that a lot of people have is that social security is all
you need to survive in retirement, but the unfortunate truth is, this is not so. How
you live today is dependent on your salary; it’s important to understand that social
security only replaces a portion of that salary. Therefore, how you live post-
retirement is immediately affected by the decision to retire and receive a pension.
The simple rule that we at social security like to tell people, is that what you
require to live today, is what you must plan to generate and more to live well over
your expected lifetime,” Matthias explained.
The SSS Superintendent is urging anyone who is going to retire, not to consider
social security the be-all and end-all. “Insurance is important, an aggressive
investment and savings plan, these are all necessary from early in one’s working
years,” he added.
The webinar also introduced the types of savings and investment ideas individuals
should consider and also encouraged young people, in particular, to get started as
soon as they begin working. The webinar panel was complete, with St Lucian
motivational speaker and entrepreneur Anya Charles and Tavia Hunte – Principal at
the Shivas School of Dance in Antigua and Barbuda, who reinforced that the
matter of retirement was especially dear to them, as they understood that being
fully prepared for retirement was a full-time personal responsibility, given their
entrepreneurial status.
Taavia Hunte
