Retirement plan lands high seas trip
Planning for retirement has already begun to pay dividends for one lucky lady, who, thanks to Fortress Fund Managers Limited, will soon be embarking on an exciting journey on the high seas.
Yvette Thornhill was the winner of Fortress’ latest Registered Retirement Savings Plan promotion, where individuals investing in new or existing RRSP’s were automatically eligible for a chance to win a Caribbean cruise for two on board the vessel, Carnival Valor.
Ran from the period January to June, 2012, the promotion forms part of Fortress’ continual commitment to educate Barbadians about the value of planning for retirement and not relying on just one source of income for their post employment years.
Still quite shocked at her luck, Thornhill said she was certainly looking forward to experiencing a cruise for the first time:
“I didn’t believe it when I got the call so I kept asking if they were sure they had the right person. Now that it has sunk in I’m very excited about the opportunity as this would be a first for me. It is certainly a major bonus considering that I already view being prepared for retirement as the important prize, which is what pushed me to open an RRSP with Fortress, a company which I am comfortable investing my money with, and have been for some time now.”
Marketing Manager with Fortress, Kim Howard, said the promotion has helped to raise awareness among Barbadians as it relates to the importance and relative ease of planning for retirement.
“At Fortress it is our goal to ensure each and every Barbadian actively puts things in place so they can live comfortably after they stop working. Traditionally, planning for retirement has always been seen as a daunting task, however, we have managed through our various outreach efforts, including this promotion, to get persons to understand exactly what is involved in investing in an RRSP, and how simply it is,” Howard added.
The Fortress RRSP is a product with flexible investment options allowing the owner to choose how best his/her contributions are to be invested. Since Government’s removal of the Mutual Fund tax allowance, which encouraged a number of Barbadians to invest in such products, individuals have looked towards Registered Retirement Savings Plans – government registered “umbrella” accounts designed to hold mutual fund investments now and provide regular income after retirement – as a means of maintaining these tax benefits, with contributions of up to $10,000 per year earning a tax allowance.