Calm waters of Bermuda


The Bermuda Financial Planning Primer Series



Calm Waters. Rippling into Retirement


Planning for a Life Without Boundaries in a World Without Borders




© Copyright 2000 - 2017 Martha Harris Myron, compiled / revised from originals published in the Royal Gazette, Bermuda



Calm Waters. Rippling into Retirement

Retirement Readiness - and Progress Steps


1: The Spectrum and Concerns for Becoming Retirement Ready


2: The Beginning. Retirement Impact on You, Your Family and Your Role in the Community. Time for a serious analysis of your relationships. Are you divorcing, marrying, responsible for eldercare, or a less than healthy child?




3. Career Apex? Career Abyss? Assess your current financial strength and future earnings potential.

4. Revisit your budget and
start tracking your spending patterns


5. Review your current and possible future debts, i.e. a house sale, downsizing, accelerated mortgage reduction, hoping for a reverse mortgage?

6. Under stand one of your biggest costs - medical care. Time to institute a healthy living plan to accompany your future retirement

7. Pensions, Benefits, and Other Income Security. What are you going to get? Are your pension investments intact? Trust, but verify! Comparing the various Bermuda pension plans.


8. Asset accumulation - add up only assets that have the potential to appreciate in value, e.g. your pension.


9. Calculate your personal inflation rate. Bermuda's inflationary lifestyle does not even come close to the 2% annual projection rate used by generic retirement calculators.


10. Contingencies - be prepared. They may not happen, but doing the “what if” is vital preparation: redundancy, eldercare, divorce, death, disability, perpetual childcare, forced relocation, etc.

11. Define what you consider to be a minimally satisfactory lifestyle. If you can attain that horizon, anything saved or earned above that is star-perfect.


12 .Work with a Simple (or complex) calculator to project what you will need in retirement. Do not forget to build in a "monetary what-if" factor.


13. Longevity versus premature death. What genetic qualities may pre-dispose you to either life event.

Preparing to leave a legacy. Review your legal affairs. Get them in order. Get help if you don't know what to do.


15. Should you Stay or should you Go? The family, emotional, cultural, financial, legal, tax, and immigration challenges inherent in cross border relocation.

16. Other related items as we progress through the retirement series.


My opinion. There should be no mandatory retirement age. Why is it absolutely fine for world leaders, politicians, producers, investment managers, economists, and thousands of other individuals, generally well-heeled, to be able to work well into their eighties? Yet the average employee is encouraged, and far too often, pushed out at retirement age.

What a complete waste of talent, years of experience, refined work ethics, and intellectual capital!


Swimmingly Serene Twilight

-Reinvention, and Refinement of a Lifestyle

-Finding Your New Identity. -Little Losses, but a Large Finite Future Still Awaits

-Time for Play, Time for a Purpose Filled Second Life




© Copyright 2000 - 2017  Martha Harris Myron Bermuda All Rights Reserved