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News : Bahamas Information Services Updates Last Updated: Oct 31, 2018 - 9:10:28 PM

Financial Planner tells MOW staff the Importance of saving and preparing for retirement
By Kathryn Campbell
Oct 31, 2018 - 6:50:57 PM

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(BIS Photo)

NASSAU, The Bahamas – The Ministry of Public Works continued its series of personal and professional development workshops Tuesday, October 30, 2018 with a session on The Importance of Saving and Financial Planning.

Quinton C. Lightbourne, Certified Financial Planner, encouraged the staff, who represented various departments, to save effectively by determining their personal net worth and cutting expenses.

He expressed concern about the minimal amount of money that residents of The Bahamas have on their personal savings accounts and appealed to the employees to reverse the trend and start saving now.

Mr. Lightbourne told those present that in order to save they should exercise discipline, cut expenses, manage credit cards and utilize local credit unions.

Moreover, he emphasized the importance of preparing for retirement.

“I work in a retirement firm and I see every day that persons are not prepared for retirement. One of the key things why I was motivated to go into Financial Planning and Investments was that at a young age I saw some of my family members [who] after retirement could not sustain [themselves],” said Mr. Lightbourne.

Quinton C. Lightbourne, Certified Financial Planner, speaks to staff of the Ministry of Public Works on Saving and Financial Planning. Staff of the Ministry of Public Works are pictured at a workshop on Saving and Financial Planning. (BIS Photos)

Personal savings, company pensions and National Insurance Board contributions were listed as requirements to prepare for retirement.

“It is very important to have the three different trenches so you are able to retire comfortably.”

He said life expectancy, long term care and the quality of life are points of consideration when preparing for retirement.

“We have a standard that most of us live by. In your golden age you would like to be able to travel, treat your grandchildren, buy groceries – you have to prepare so that when you get to that point you can maintain that quality of life,” said Mr. Lightbourne.

Session topics to come include: Handling Disabled Employees and Reducing Your Debt.

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