Not long ago, I was approached by one of those insurance sales guys, yes â€“ the kind that will just call you up at work or meet you on the street, and just start telling you about how insurance is a great thing to have just in case shit happens (so what happens if shit never happens, donâ€™t think I should get back my money). Honestly, Iâ€™m not a big fan on Insurance plans, particularly life insurance plans â€“ health insurance yes but life Insurance no thanks. I prefer taking my changes saving my money in a high interest savings account or invest in some other type to longterm investment.
But this is not my topic for this post, maybe sometime in the future I will write a post on why I not a big fan of life Insurance plan, but for now letâ€™s talk about the retirement in Dominica. After talking with the Insurance guy, I started thinking about my retirement and would I be able to main this comfort life style Iâ€™m living now into retirement years. Presently Iâ€™m 29 years, and besides social security and my personal savings account â€“ my retirement years looks very dismal. True, if I save as much money as I can that by the time Iâ€™m 60 I will have a substantial amount of money in my savings. The only problem with these savings accounts, the bank interest rates are horrible – at least in the Caribbean. Read my post on: Why Banks Exists?
So I began ask myself some really simple questions (suggest you do the same):
1. Do I want to work forever at something or do you want a true retirement?
2. How much money do I want bring home on each paycheck?
3. How much lower could that paycheck be before it would bother my life style?
4. Do I have any documentation about my retirement plan at work?
After answering these simple questions I got a better prospective on my retirement goals, rather than having to be talking about complicated (Insurance) plans and confusing numbers.
On the other hand, there are lots of people who are just the opposite and like running the numbers. If that works for you, go right ahead. But if youâ€™re like me, and donâ€™t like numbers too much, try answering the questions.
Another great way to get some great insight on retirement, is to have as many discussions with people who are already in retirement. Listen to their opinions and figure out what you think will work best for your retirement goals.
â€”â€”â€” Personal Note â€”â€”â€”
My retirement goal is to have true retirement, but not with much free money to spend. I want to work at least part time in retirement doing something I enjoy doing or contributing something back to the community. Basically, my baby-boom years will not be all about boat cruises and watching the grandkids. 🙂
Photo Source:Corbis Photography