Retirement planning can still happen during tough times

“Planning for retirement is a marathon, not a sprint. As a result, one thing we know is that life will continue after Covid-19 has passed, and we will still have to prepare for our eventual retirement when this virus has been contained.”

This advice was offered by Brenton Hilaire, Agency Manager for Sagicor in Dominica, as he provided thoughts on retirement planning as we navigate these unprecedented times.

He shared his strategy for retirement planning in this current scenario suggesting that there are three things to consider: A: Put things into perspective, B: Come up with a plan and
C: Consider diversifying your income:

Hilaire said, when it comes to maintaining savings and retirement planning, always consider the following:

  1. Priority should always be placed on using the emergency fund first
  2. Expenditure at this time should be qualified, as best as possible, to ensure that it is an essential item
  3. Make use of the various grace periods and moratoriums that financial institutions are offering if cash flow is tight, and even if they are not publicly offering any, reach out to see what can be done on an individual basis.
  4. Monitor consumption at home to reduce waste.