GUIDE TO STARTING THE FUTURE NOW
What is your retirement IQ?
Unfortunately many people are unaware of the demands of retirement and find themselves with a lower standard of living than they anticipated. Boost your retirement IQ by making yourself aware of some of the most common traps.
Myth: I'm young, I can figure this out later
Reality: The sooner you begin to save for your retirement the better. Because of the power of compound interest, smaller amounts of money invested now can yield much bigger nest eggs than larger amounts invested later.
Myth: My Social Security and Company Pensions will take care of me
Reality: One of the most common errors in retirement planning is to overestimate the payouts from Social Security and Corporate Pension Plans.
Myth: I can use my retirement nest egg for major purchases, as long as I replace the funds eventually.
Reality: This is called Raiding and it is not a good idea. Not only does it reduce the size and growing power of your nest egg, there is a good chance that those funds will be difficult to replace.
Myth: A dollar now is a dollar later
Reality: Even very low inflation dramatically erodes the purchasing power of your savings. Your plan needs to take this change into account before you get caught short.
Myth: I will only need 60 percent of what I make now when I retire.
Reality: With the typical vacations and hobbies of a retiree, you might even spend more money while retired than you do now. Even if your spending stays stable, it may still prove a challenge to adjust to only 60 percent of your current income.
HOW YOUR SAGICOR PRODUCER CAN HELP
Your Sagicor Producer can help you answer any questions you have by taking you through all three steps of knowing where you are, determining where you are going and planning how to get there. Your Producer can play a vital role in helping you revisit and revise your plan as your circumstances change. Call 1-888-SAGICOR now, to get started with one of our Annuity Solutions.