I think about retirement even though I am only twenty-five. It makes sense to start planning early. There are a range of retirement calculators out there but I use the Money Advice Service Calculator. The Money Advice Service, is an organisation that provides money advice for consumers in the United Kingdom. The service gives free advice to enable people to take the right financial decisions. It is an independent organisation whose statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.

The importance of investing 

This is what they had to say to me personally:
·         Being male and 25 in 2014 I will start getting a state pension at the age of sixty eight in the year 2057
·         The state pension for me at that time will be £113.10 per week 
·         My target retirement income is £18,760 per year based on a salary of £28,000
Based on their calculator and certain built in assumptions, which are on the cautious side, I was told that if I invested 15% of my income every year until retirement age I would have an income of £20,199 per year upon retirement. 

Where would I retire to? 

I would most likely retire to the Caribbean or the African Continent. Where people decide to live in retirement is not only a financial decisions but a social and cultural one. I believe in bringing my wealth, knowledge and experiences home. The cost of living is cheap in these places and there is, I think, more of a community spirit. 

What should I do when I retire? 

I would most likely spend my time teaching the youth and those who care to listen what I know.  It helps keep the mind sharp and it’s a good way to stay in social contact with a variety of people. I wouldn’t be doing it for the money, no, but as Confucius said: “if you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.”


With an income of three point six million Jamaican dollars at hand each year I would do fine. But my point is to not just do “fine” but to do well. This takes forethought and planning and can’t be done on one’s own. To be a wise elder you must have been a wise youth. If you want to be that wise elder that everyone looks up to then you need to start planning for the future today.