The Tribune

SEVENTY-seven per cent of Bahamians don’t have money tucked away for retirement, according to financial experts.

It’s a “frightening” statistic and one that financial experts at Colonial Pension Services (Bahamas) are hoping will lead to pension legislation.

The group is hosting a seminar featuring personal finance guru Suze Orman, a two-time Emmy Award winning television host, motivational speaker and New York Times bestselling author.

“It doesn’t matter where you are, at some point if you’re working you will retire and when you retire you’re still living, you still need money and if you don’t put that aside while you’re working you’re going to wind up in trouble,” said Colonial’s pensions chief operating officer Marie Jo Caesar.

“So many people are working when they should be enjoying retirement. You simply cannot wait until you are 45 or 50 and say, ‘Oh my God, I haven’t put a dime aside for my retirement’. So, we’re urging everybody, particularly young people, because they will retire one day, to start putting money aside and earmark those monies just to build a nest egg for retirement.”

Colonial Pension Services (Bahamas) vice-president Larry Gibson said most Bahamians are simply unprepared to retire.

He said most people are not disciplined enough to make savings a priority, let alone invest in their retirement.

“If you look at statistics in The Bahamas, the average savings account has less than $1,000; the average account in the Bahamas has less than a $10 balance. People use their account just to collect their paycheque. The evidence has shown that it’s unlikely that you will save for retirement on your own,” he said.

The seminar will be held on May 17, 2014, at the Meli� Nassau Beach Resort on Cable Beach. Doors open at 1pm and the event starts at 2pm.

Tickets cost $35 and are available at Atlantic House (third floor) on Second Terrace Centreville, Collins Avenue.