PLANNING TO RETIRE IN JAMAICA? CHECK OUT JAMAICA MONEY MARKET BROKERS (JMMB)!

By Keisha Hill—–

WITH EACH passing year, you realise that even though you might be living comfortably, you haven’t been saving towards yourretirement. Yes, the golden years when you won’t have to wake up so early, get ready for work and battle the rush-hour traffic.

Now that retirement is a reality, it’s time to make that investment in a savings option that can be tailored to your situation. Jamaica Money Market Brokers (JMMB) is the one of the financial institutions with a solution to your dilemma. JMMB is a licensed investment manager andpensions administrator with a proven track record in the investment business. They offer another choice of fund strategy that best suits yourrisk tolerance and retirement objective.

The institution recently added to its portfolio, the JMMB RS – an approved tax-advantaged retirement arrangement as defined under the Income Tax Act and the Pensions (Superannuation Funds and Retirement Schemes) Act 2004. It allows working or self-employed persons without an approved pension plan, the option to create aretirement plan of their own and contribute up to 20 per cent of their annual income.

“We offer an individual retirement plan where persons can invest towards their golden years. Persons can invest not in excess of 20 per cent of their annual salary in any given year,” said Gregory Francis, business support manager at JMMB.

With a monthly contribution for example of only $2,000, after five years, you could earn up to $153, 990.23. However, the actual returns may vary based on the assumption that normal retirement chosen is 65 years. Also, if you are leaving your existing employment (including redundancy) and were part of a pension plan, you can transfer your accumulated benefits to a JMMB RS account.

Retirement years

“Looking at the retirement years, persons can put aside investments apart from their business so that they can guarantee an income in those years. We have put ourselves in the market as a leader and we have the experts to help our clients meet their financial goals,” Francis said.

You not only get an annual report, but you can view your own pension investment at your convenience with your personalised log-in. This is among the first retirement plans with website access in Jamaica today. Login and web access are provided upon sign up.

“We are client-focused. We help each client to choose an investment option that is tailored specifically for them. We ensure that they are comfortable with what they have invested,” Francis said.

Your contributions are also tax-deductible. Earnings are tax-free; just as they would be if you are part of a superannuation fund; a company pension plan. You can maintain active membership with a one-time investment, and you are covered for lump sum death benefits based on the accumulated value of your retirement portfolio. Payments will be made to your beneficiaries based on the allocations you specify.

keisha.hill@gleanerjm.com