Are Your Finances on Track to Last a Lifetime? By Robin Trimingham
Last week The Olderhood Group held its first financial planning and investment education workshop in partnership with Butterfield Bank in Bermuda.
The “Money Matters” workshop, which is the first of its kind, is designed to make financial literacy and investment education accessible to a wide cross section of island residents.
Thanks to the generosity of Butterfield Bank, registrants attend free. The workshop is conducted by Olderhood CEO Bill Storie and Butterfield Asset Management VP of Investor Services, Shane English.
The educational portion of the workshop, is divided into three sections to reflect the three major shifts in financial planning that typically change as we get older:
– Budgeting for the present and saving for the future as a young employee
– Financial Planning for mid-career workers to maximize their income in later life
– Efficient management of income and expenses in retirement to ensure that your money lasts to the end of your life.
The investment awareness section highlights concepts such as risk tolerance and portfolio diversification strategies for the low-to-high portfolio value ranges.
The timing of this new initiative coincides with increasing concerns both in Bermuda and North America that those approaching retirement do not feel they are well-prepared to care for themselves financially once they stop working, or that they have sufficient money saved to provide for their needs yet also leave inheritance funds for their family.
A 2018 Planning & Progress Study released today in the US by Northwestern Mutual echoes this concern stating that “nearly eight in 10 (78%) Americans are “extremely” or “somewhat” concerned about affording a comfortable retirement while two thirds believe there is “some likelihood of outliving retirement savings;” and yet amazingly 46% of the participants in the study also admitted that they aren’t taking any steps to remedy their situation.
Although a reliable statistic of this nature is not currently available in Bermuda, there is no doubt that advances in medicine and healthcare are extending the lives of island residents (particularly for women), making it increasingly important to learn how to budget effectively and manage money wisely for the future.
The next Money Matters financial planning and investment education workshop will be held on Thursday June 14th from 5:30 – 7:30 pm. Seats are limited and registration is required. Click here to register now.
And for our international audience we promise to produce video webinars for your viewing pleasure !!
By Robin Trimingham