We constantly talk about saving, particularly for our retirement, but how many of us have a plan to achieve this or even know where to begin? The fact is that simple actions we take today can make a big difference in our future financial security.
Fortress Fund Managers Limited (Fortress), Barbados’ largest manager of mutual funds, and a leading pensions provider, is looking to assist individuals with this process through the introduction of the Fortress Builder TM Slide Calculator, a handy tool developed to illustrate what individuals would need to save daily, monthly and yearly to achieve their long term savings goals.
The added-value brought by the Fortress Builder TM Slide Calculator is in the way it clearly illustrates how these daily, monthly and yearly targets can be met, helping individuals identify areas in which they can make adjustments to their spending habits.
Additionally, the tool shows persons how they could further increase the value of these savings over time by investing in various instruments, specifically those managed by Fortress, such as the Fortress Caribbean Growth Fund and the Fortress High Interest Fund, both of which are compared to the returns provided by commercial banks.
René Delmas, Director of Pensions, said this initiative is part of the fund managers’ on-going commitment to educating Barbadians about the importance of sound financial planning for retirement, and the steps required today to achieve it:
“Often we look at saving as a daunting task, especially when we consider our other financial obligations. But it is not as difficult as we may think once we take a serious look at our spending and seek out ways in which we can make slight adjustments. We also want to show how people can get more out of their money by investing in instruments with proven track records, building on the foundation they developed through disciplined personal financial management. The Fortress Builder TM Slide Calculator clearly shows the link between the saving decisions we make today and the amount of financial security we will (or will not) have in the future. We hope this tool will help improve saving and retirement planning practices and we look forward to assisting more Barbadians achieve their long term financial goals.”
Over the past 15 years, Fortress has developed a reputation as a trusted manager of various funds, including the Fortress Caribbean Growth Fund and the Fortress High Interest Fund, which have generated annual compound returns of 10.5% and 5.7% since inception in 1996 and 2002 respectively, as of March 31, 2012. Fortress is also a leading provider of pension plans to companies of all sizes, and offers a Registered Retirement Savings Plan (RRSP), which allows Barbadians to claim tax allowances each year while investing for retirement.
The Fortress Builder TM Slide Calculator will be available to all Fortress clients at the company’s offices in Carlisle House, Bridgetown, St. Michael and will also be made available to its pension clients to share with their employees.