Everyone has different needs when it comes to our finances. Investing and planning for retirement is often something we ignore or push aside until we get older. You have lots of time, right? The fact of the matter is though, that the earlier you start saving for retirement, the less stressful it will be and the less you have to invest initially in order to achieve your ultimate goals.
But where do you start?
This is where BF&M can help. We offer a range of group and individual savings and retirement products that can help you build your retirement savings.
Group Retirement and Savings
In 2000, the National Pension Scheme (Occupational Pensions) Act, 1998 was enacted into law in Bermuda requiring all employers to offer a retirement plan to their Bermudian (and spouses of Bermudian) employees. This was a great first step in helping Bermudians ensure that they save enough for retirement. With the shift from defined benefit plans to defined contribution plans, many employees still don’t realize that their income in retirement is completely dependent on the amount that they have saved.
The National Pension Scheme (General) Regulations 1999 provide additional guidance and requirements surrounding the administration and provision of retirement plans in Bermuda.
BF&M offers employers a wide variety of retirement and savings vehicles, including:
- Registered retirement plans
- Non-registered retirement plans.
- Group supplementary savings plans.
Our plans offer both the traditional risk-based profile model and our target-date profile model. BF&M was the first, and is currently the only insurance provider in Bermuda, to offer target-date investing in our retirement plans. Target-date is the default option used in the U.S. for 401K plans.
Individual Retirement and Savings
Your employer can get you started in saving for retirement through your employer retirement plan, however, chances are that the minimum required contribution to your group plan may not be enough to generate the savings you will require at retirement.
BF&M offers a series of individual retirement and savings products to help ensure that you have the income you need when you choose to retire. Our plans offer both the traditional risk-based profile model and our target-date profile model. BF&M was the first, and is currently the only, provider in Bermuda to offer target-date investing in our retirement and savings plans.
Our Flex Account Retirement Plan is a Prescribed Retirement Product approved by the Pension Commission in Bermuda and designed to hold your locked-in pension funds until you are eligible to start receiving your income in retirement. From the Flex Account you are able to draw an income once you reach retirement age or you may choose to convert your account to an annuity.
Our Individual Savings Plan allows you to put a little extra aside for any reason, such as rainy day or emergency fund or for future travel or home renovations.
Our Educational Savings Plan is designed to allow you to save for the future education of your child, grandchild, or any other important child in your life.
BF&M also offers Annuities. This is a retirement product that you purchase from BF&M using the funds that you have accumulated in your retirement or savings accounts. In return for the money you pay to BF&M, BF&M will pay you an income for life (or for a specific term). BF&M offers a number of annuity options and our experienced representatives will sit down with you and assist you in determining which option is best for you.
Contact BF&M at +1-441-295-5566 and ask to speak with one of our representatives about which product is right for you.