Jamaicans have some very interesting views and opinions on the notion of pension and retirement and when is the best time to start preparations. It is also generally felt that investments and insurance instruments are enough to prepare them for later years. The stark reality of this tends to hit when it’s too late later in life.

First and foremost is that not enough information and education opportunities exist that would allow them to be better informed as to what and how to go about dealing with this very important matter. For many if not most Jamaicans, Pension is an amount that is deducted from your pay check by your employer and put away for sometime in the future. Often referred to as compulsory savings, because your forced to subscribe because its company policy. That’s for those in the formal working sector however, for the vast majority who are self employed or working with a company without a defined pension policy and plan, you’re on your own. But that is about to change in a big way.

Jamaicans generally understand that they need to save now towards something tangible such as a car or house and this has resulted in a delayed start reaction to pension, which for many seems so distant. This view is particular prevalent among the more youthful and younger members of the population who generally felt that they had time ahead of them to get started. Nothing could be further from the truth.

Another interesting view held by some Jamaicans is that planning for retirement was akin to planning for death, which many found uncomfortable, resulting again in the delay and avoidance. The subject and discussion of death was also a matter and issue that Jamaicans did not feel comfortable with.

The view that Pension planning is something dealt with by old people and that there should be laws tabled that make it compulsory for citizens to save for retirement and also compulsory rollover requirements are very widely held.

When a number of Jamaicans were asked what retirement years meant to them, the general response was that today, people were NOT thinking of retirement as sitting around the house doing nothing, waiting to kick the bucket, but instead being able to better manage the freedom to do what they wanted at their convenience.

There was also the strong view that retirement ought to be renamed and redefined, as the current name and definition is not applicable to today’s generation. AFTER EMPLOYMENT LIVING was offered as an alternative description for “Retirement”. Retirement was something their grandparents or even their parents did it was not for them. They moved to a new phase in their lives.