Plan On Leaving An Inheritance?

August 15th, 2017

Leaving an inheritance or a legacy for the next generation is definitely a personal choice and there is no right or wrong answer to it.

Giving an inheritance can mean sacrificing your today for someone else’s tomorrow. If you talk to the elderly, you will hear that the focus was always on making the next generation more financially secure and being given the chances they never had.


However, we tend to forget that in those days, the first born received the assets and if you were second or third in line or worse if you were a female, you would not get anything.

We have read countless articles about baby boomers and the financial challenges they are facing, and also how a large majority of boomers plan to spend everything before they die and pass along little to the next generation.

In 2006, an inheritance study by AARP revealed that four out of five boomer households had received or will be receiving an inheritance; however, only 15% intend to give one. Another survey by Sun Super in 2009 interviewed 1,000 people per generation and each person was asked one simple question:

Do you plan to leave a legacy? Read the rest of this entry »

10 Common Questions About Pensions

July 18th, 2017

Let’s get real. The subject of pensions and how they work isn’t the hot topic during a Friday night happy hour with your friends or colleagues, but oddly enough, I seem to get asked the same questions quite frequently, which makes me think perhaps a lot of people are actually unsure.


Here is the list of the top 10 questions and their answers, which hopefully will provide more clarity.

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‘A Wise Man Once Said’

June 6th, 2017

jarsA couple of weeks ago, I was speaking with my 98-year-old grandfather who, until quite recently, was actually still living in his own home. What amazes me about my grandfather is although he is physically starting to slow down, mentally he is still “quick as a whip” and is never short of an opinion.

We chatted for a while and he told me about his sister [my great-aunt], who struggled financially most of her life because, as he put it, “she might have made two pounds, but she always spent three”. He said he struggles to even recognise the world he lives in now, as over the course of many generations we have slowly lost the concept of reality. So I asked him for some pointers and this is what he gave me:
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Technology vs Common Sense

May 19th, 2017

As the world continues to evolve, so does the technology that supports it. But as technology develops, the side effect is the declining ability to use good old-fashioned common sense. This holds so true when people are dealing with their finances; more people are relying on a mathematical or financial “app” as opposed to using common sense when handling their finances.

Technology is excellent when you need to perform a financial analysis, but it is only as good as the data being entered. Technology provides the answer to the question, but it can’t provide logic and ask the question we have all asked at least once: “Does this make sense?”

Here are three financial facts that are common sense, yet your “financial app” does not have the ability to comprehend the results of the data and the long-term impact.

images Read the rest of this entry »

To Be Frugal or Not To Be Frugal?

April 21st, 2017

The amount of money you have at your disposal is not always dependent on how much you earn. Whether you make a lot of money or you don’t, it is all about how you choose to spend your money that can make all the difference in the future.

Earlier in the week my husband and I were driving to work and he said the “F” word…the word that stops me in my tracks, he said “Carla, we really need to be more FRUGAL”.

I hate this word, it makes me think I should feel guilty for enjoying the benefits of my hard work, but the reality is, without minding those pennies in our early years we won’t be able to fold those bills in our later years.


Let’s be serious, do you need a landscaper or a pool cleaner, when you have the basic skill set and time to do it yourself. Do you need to have some blown out catered birthday party for your one year old or always fly business class when the airplane will still arrive at the same time and destination regardless of whether you are in the front or the back? Have we become a society that cares more about appearances than financial independence and stability?

Read the rest of this entry »

5 Year Action Plan For Retirement

March 17th, 2017

ira-plans-1Start with your current financial situation, specifically pay attention to how you can start to maximize your income and begin to reduce your expenses. For a lot of people, planning for retirement normally starts about 5 years ahead of schedule.


Below is a helpful guide on areas that you should focus on.

[It is important to note that this is to give you an idea only and should not be the only checklist used].

5 Years to Retirement Date

a] Meet with your pension provider and make sure to discuss the following: Read the rest of this entry »

Dealing With & Rolling Over Pensions In Bermuda

February 22nd, 2017

Gone are the days when you worked for the same employer for 50 years, for most of us, we have worked at different companies and even in different industries during our working lives.

Throughout the course of your working career you probably have accumulated some pension money and if you have not rolled over your pension money from one company’s pension plan to the next, then chances are, you have several pension plans with multiple pension providers.

Since the Pension Act came into effect in 2000 and being part of the National Pension Scheme [NPS], one of the most common questions we get asked in the pension business is, Read the rest of this entry »

How to Plan for Early Retirement

January 10th, 2017


As the New Year is upon us, new goals and new visions are being created to make this a prosperous and successful 2017. Perhaps you are in the later stages of your career and are consciously developing a succession strategy for your role to ensure a smooth transition when you do retire. Ever thought what would happen if you were forced into retirement well before your succession strategy could ever be executed? Read the rest of this entry »

Knowing How to Manage Your Debt

December 13th, 2016

b5abc33fdc2eed0df279b3085bbf73d9With the start of the holiday season upon us, we are consistently reminded of the joy of giving; either by TV commercials, articles in the media or a flyer received in the mail. Giving generally equates to more spending and when you don’t have a lot of money that can sometimes mean borrowing money.
Perhaps you already have a mortgage payment, a car payment or credit card debt, so adding additional debt during the holidays and trying to find a way to pay off this debt might be challenging.

Knowing how to manage your debt and sticking to a realistic budget isn’t always common sense, it is a
Read the rest of this entry »

Retiring For The ‘Sandwich Generation’

October 28th, 2016

Alot of people who are getting close to their retirement age are being faced with really difficult challenges and are having to make some really tough decisions.

The hardest hit is the “Sandwich Generation”, the generation which is trapped between financially providing for their own children and being responsible for providing financial assistance to their elderly parents.


Now, if you are lucky enough not to be sandwiched, think about how soon you might face this challenge and how long those obligations could last. In this situation, early planning can go a long way to easing emotional and financial strain.


An article in the Daily Mail on September 2015 stated “Middle-aged parents are forced to balance working full-time while spending an extra 19 hours every week caring for their older relatives, with a third paying towards their care. Meanwhile they are spending nearly £6,500 a year on children aged 22 and over.”

So how could this impact you?

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