Between bills, family responsibilities, and the constant pull of modern life, saving for retirement can feel like something you’ll “get to later.” But here’s the hard truth — later comes faster than you think.
What happens then? Will you have peace of mind or the stress of struggling to make ends meet? Planning for retirement isn’t just about money. It’s about protecting your future self — the one who deserves rest, freedom, and security after years of hard work.
Here’s how to know if your retirement plan is on track—and what to do if it isn’t.
💡 Summary at a Glance
Retirement planning isn’t just about money — it’s about freedom.
- Review your finances: Know what you earn, what you owe and how much you need to save to maintain your standard of living.
- Set flexible goals: Adjust your plan as life and expenses change.
- Consider an annuity: Even small monthly payments can guarantee steady income later on.
- Remember your why: Your savings protect the life you dream of — family time, independence, and comfort.
- Start today. Every dollar saved now is a step toward a secure, stress-free retirement.
Review Your Current Financial Picture
The first step is understanding where you stand today. Review your income, expenses, and debts. Then, take a close look at your savings and investments, including pensions, retirement funds, or any private savings plans.
Ask yourself:
- How much have I saved so far?
- What are my expected sources of income after retirement?
- How much do I need to maintain my lifestyle?
Financial experts often suggest saving between 10% and 20% of your income for retirement. But everyone’s situation is different. Your savings goals will depend on factors such as your age, lifestyle expectations, and how long you plan to work.
Set Realistic Goals and Stay Flexible
If your plan isn’t where you want it to be, that’s okay. Setting milestones can help you get back on track. You can set mini-goals; for example, you’ll make a certain savings contribution this year. And you can set bigger milestones, such as saving a specific amount by age 40 or 50.
Review your plan yearly to ensure it keeps up with inflation and adjusts to changing life circumstances. For example, if you’re considering early retirement, you may want to try to augment your savings. Proper planning can ensure that you don’t end up becoming a burden to your children, selling your house, or not being able to afford medical care.
Consider an Annuity: A Safeguard for Your Future
The 2025 National Budget announced a gradual increase in retirement age in T&T. If there’s a lesson to be learnt it’s this: the world and the future is uncertain. Policies shift, economies change, and life can surprise us in ways we can’t predict. The best thing you can do is take control of what’s within your reach: your financial security.
An annuity is one of the most reliable tools to help you do that. It’s a long-term investment that guarantees a steady stream of income during retirement — no matter how uncertain the world becomes. You can start small, investing as little as $300 a month, and when you retire, you receive 100% of what you invested, paid back in regular instalments.
The future will always bring change. But when you plan ahead and use the tools available, like annuities, you can face that future with confidence.
💭 Final Thoughts: Remember Your Why
It’s easy to get caught up in numbers, percentages, and financial jargon when planning for retirement — but behind every dollar you save there’s something deeper: your why. Maybe you dream of one day spending your mornings on the beach instead of in traffic. Maybe you want to be the grandparent whose home the grandkids can’t wait to visit. Or maybe you just want to live without panicking over bills.
Your why is what gives meaning to your retirement plan. It’s the reason you stay disciplined, the reason you spend instead of save, and the reason you make sacrifices today for the comfort of tomorrow. Whenever you’re tempted to say you’ll get to retirement planning later, remind yourself of your why.
About Us
Our Maritime team of advisors is here to help you. Whether you need advice on retirement, annuities or financial planning in general, we’re committed to offering personalised support and solutions. If you’d like to chat, you can always reach out to us.
