In a push to help employees properly plan for retirement, the Broadcasting Corporation of the Bahamas today hosted an informative pre-retirement seminar for its staff. TosheenaRobinson-Blair covered the event and shares why it’s crucial to plan ahead. For some, retirement is enjoyable. For others, it’s a scary transition. According to the Broadcasting Corporation of the Bahamas Chairman Mike Smith, he says “it takes proper planning for that particular phase of life to be rewarding.” A self-professed two-time retiree Mr. Smith says all employees could benefit from the pre-retirement seminar which saw professionals in the field of relationship management, medicine, insurance, law, financial planning and investment bring remarks.
General Manager Kayleaser Deveaux-Isaacs says the seminar aimed to put employees on the road to sustaining and expanding personal and financial wealth opportunities. According to Colina Financial Advisor Principal Anthony Ferguson, many Bahamians cannot afford to fall ill or face termination. He says less than 40 percent of Bahamian companies offer a pension plan. Mr. Ferguson spoke to the need for pension legislation.
According to Relationship Management expert Dr. Wayne Thompson if persons are not emotionally prepared for retirement they are more inclined to make reckless financial decisions. To be well, says Dr. Thompson, one must have a retirement plan. Dr. Paul Ramphal, a cardiothoracic surgeon concentrated on health issues aging baby boomers would need to address that would affect their ability to enjoy life or even shorten it.
CFAL’s Vice President of investments Pamela Musgrove says it’s important to conduct a financial reality check. She went on to say “your financial war chest it is comprised of several layers, your company sponsored pension plan, national insurance, and national insurance was never intended to support you during retirement it is only a supplement.”
Attorney Lenice Flowers, Principal of White Leaf Chambers spoke on whether one’s death would lead to war or create peace. Pandora Butler, a Senior Manager at the National Insurance Board outlined retirement benefits available from NIB.