If you get a private pension of $2500 a month do you still get the full $3500 government pension?

[SuperMan9999]

At what point do they limit the pension you are allowed to get from the government?

I am looking into investing into a private pension with sagicor they kinda expensive but I believe they are reliable. Dunno if something like Unit Trust offers a better rate? but i don't want to invest too much where I would then be limited to government pension.

Also one last thing who gives the highest interest rate on a savings account? I had contemplated saving $1500 a month for the next 20 years instead of investing in a pension account, not sure if this makes more sense? I might dead at 70 I am guessing.

Are there local financial institutions that offer something like 5% interest rate? I think republic bank offers like less than a percent which is kinda sad

[The_Honourable]

I believe once you made your total of 750 weekly contributions to the NIS, your retirement pension is payable for life. It's the Senior Citizens Grant that would be reduced or terminated if you receive an income elsewhere.

You can check the ched for investment ideas, just make sure no one pressures you into making a final decision. At the same time, don't be indecisive for a long period of time:

viewtopic.php?f=4&t=490461

[pugboy]

private pension cannot affect the salary paid pension(nis)
may affect the old age pension

if you know the right ppl you you could get both nis and old age pension….

[paid_influencer]

bossman, first and foremost you hadda understan that "government pension" is a misnomer. what we does has in this country is a senior citizen's grant. when my Prime Minister did had want to call it a grant, the good lady currently in opposition make a problem so it back to being called a pension, which it really is not. is a grant.

you can look at the application form for the "senior citizens pension" and see what really they require and what does be the limitations.

https://social.gov.tt/senior-citizens-pension/

Who Qualifies
Age – Persons sixty-five (65) years and over
Residence – Applicants must be a resident in Trinidad and Tobago for twenty (20) years preceding the date of application. Any periods of absence must not total more than five (5) years during the twenty (20) years preceding the application OR the applicant must be residing in Trinidad and Tobago and have lived fifty (50) years in total in Trinidad and Tobago. N.B. (These 50 years do not need to be consecutive)
Income – Applicant’s monthly income must not exceed $5,500 TTD per month

see that part bolded dey, dat is the cap on the grant. if you getting income from other sources, including but not limited to NIS, you would be reaching the cap and your grant would be lower. if was really a pension they couldn't do that but is not really a pension, is a grant.

oh they cry down Manning when Manning did want to call it a grant. but is a grant.

here is the schedule

Payment Schedule
Senior Citizens’ Monthly Pension Maximum – $3,500.00

$0 – $2500 gets $3,500.00
Income not exceeding $2,500 receive $3500.00
Income exceeding $2,500 but not exceeding $3,500.00 receives $2,500.00
Income exceeding $3,500 but not exceeding $4,500.00 receives $1,500.00
Income exceeding $4,500 but not exceeding $5,500.00 receives $500.00

as an aside, people does spend real time and money for "retirement" but the hard facts is you probably going to dead before you see a cent of that retirement. yes, dead out. not alive anymore. you saving money to pay for the cost of living, but for the period after you dead, which doh make sense.

Spend the money on things you can use. Education. Tools. House. That chit. Don't put too much in the bank or financial institutions because we live in a third world chithole and the money can turn to literal chitpaper for wiping bottom in the blink of an eye. But a house, that stays useful. get an actual toilet, like a good one, very useful. Bidet

[pjfred]

Put your money in a credit union, allow your dividend to roll over. You will in 20 years have more there than sagicor. You will still get your govt pension, nis and have your credit union money

[88sins]

Invest
In
Gold



exits ched stage left

[paid_influencer]

Invest
In
Gold

exits ched stage left

serious question. what is the best way to buy gold locally, as a store of value

[88sins]

Invest
In
Gold

exits ched stage left

serious question. what is the best way to buy gold locally, as a store of value

For the average Joe, check a jeweler. Or, melt scrap gold yourself at home.

Couple things to kno up front.
Investing in precious metals is ideally for long term investment, Now observe, I didn't say gold jewelry. You want ingots, 18k upward, not jewelry.
Buying from a local jeweler you will pay more than the current market value, how much will determine if it worth it in the short-medium term.
For the ppl who have a little more scratch, and for a better long term investment, get the license to import preciouEs metals (and gems if rocks is your thing), and buy on the international market.

I started investing like this some years back, and all i will say is that today I got absolutely zero regrets.
Only issue is when you ready to unload. There's plenty local clowns who will do all they can to lowball you real bad. They will question its purity, if it solid and not a gold plated lead brick, try to convince you that mv that day is lower than it actually is, etc. Tell them to eff off. Others will come, and there's always the international market.

[redmanjp]

what about some type of gold backed stocks/crypto we can invest here or online?

[paid_influencer]

no i want actual gold where can i get it like coins even. anybody locally giving receipts, certificate of authenticity and like that? should I just buy bling like spongebob

[88sins]

no i want actual gold where can i get it like coins even. anybody locally giving receipts, certificate of authenticity and like that? should I just buy bling like spongebob

Nowhere locally that I know of.
But if you import for yourself you will get all that.

[SuperMan9999]

bossman, first and foremost you hadda understan that "government pension" is a misnomer. what we does has in this country is a senior citizen's grant. when my Prime Minister did had want to call it a grant, the good lady currently in opposition make a problem so it back to being called a pension, which it really is not. is a grant.

you can look at the application form for the "senior citizens pension" and see what really they require and what does be the limitations.

https://social.gov.tt/senior-citizens-pension/

Who Qualifies
Age – Persons sixty-five (65) years and over
Residence – Applicants must be a resident in Trinidad and Tobago for twenty (20) years preceding the date of application. Any periods of absence must not total more than five (5) years during the twenty (20) years preceding the application OR the applicant must be residing in Trinidad and Tobago and have lived fifty (50) years in total in Trinidad and Tobago. N.B. (These 50 years do not need to be consecutive)
Income – Applicant’s monthly income must not exceed $5,500 TTD per month

see that part bolded dey, dat is the cap on the grant. if you getting income from other sources, including but not limited to NIS, you would be reaching the cap and your grant would be lower. if was really a pension they couldn't do that but is not really a pension, is a grant.

oh they cry down Manning when Manning did want to call it a grant. but is a grant.

here is the schedule

Payment Schedule
Senior Citizens’ Monthly Pension Maximum – $3,500.00

$0 – $2500 gets $3,500.00
Income not exceeding $2,500 receive $3500.00
Income exceeding $2,500 but not exceeding $3,500.00 receives $2,500.00
Income exceeding $3,500 but not exceeding $4,500.00 receives $1,500.00
Income exceeding $4,500 but not exceeding $5,500.00 receives $500.00

as an aside, people does spend real time and money for "retirement" but the hard facts is you probably going to dead before you see a cent of that retirement. yes, dead out. not alive anymore. you saving money to pay for the cost of living, but for the period after you dead, which doh make sense.

Spend the money on things you can use. Education. Tools. House. That chit. Don't put too much in the bank or financial institutions because we live in a third world chithole and the money can turn to literal chitpaper for wiping bottom in the blink of an eye. But a house, that stays useful. get an actual toilet, like a good one, very useful. Bidet

Thank you for this info

I have decided to do as pjfred suggested and open a account in Eastern Credit Union they offer 2% interest if you intend on saving up to $500,000 with them.

I should have half a million in 21 years time if I put the same $1500 with them rather than sagicor and I could still retire at 60 with half a million because by $65 I will get old aged pension and live till 70 then dead like everybody else.

My company don't pay my NIS so I just looking for the best way to retire at 60, the credit union and saving $1500 a month seem like the best way out with half a million in 21 years from now.

[tarzan]

open an interactive brokers account and buy top 20 stocks with highest dividend yield.

[fokhan_96]

Op just remember the value of money always depreciate with time and the cost of living always increase with time.
So what you can buy with half million today you might get a quarter of that with the same money twenty years now.

[Chimera]

dont put all your $$ in one credit union eh......

sheit happens

[pugboy]

your company doesn’t pay your nis?
it is mandatory for employers to pay that.
you are 21 years from retirement now
but retirement gonna raise to 70 by that time if impsbert have his way.

also don’t forget that $500k you predicting will be taxed.

[snatman]

open an interactive brokers account and buy top 20 stocks with highest dividend yield.

I hope for your sake that's a joke.

[snatman]

no i want actual gold where can i get it like coins even. anybody locally giving receipts, certificate of authenticity and like that? should I just buy bling like spongebob

I think Scotiabank has a Gold-backed USD fund. I'm not sure if its still active.

[DMan7]

Does the OP consider playing the Lotto?

[88sins]

your company doesn’t pay your nis?
it is mandatory for employers to pay that.
you are 21 years from retirement now
but retirement gonna raise to 70 by that time if impsbert have his way.

also don’t forget that $500k you predicting will be taxed.

For full time permanent employees, yes, even if they work shift.
Iirc, not if you on contract they don't.

[redmanjp]

your company doesn’t pay your nis?
it is mandatory for employers to pay that.
you are 21 years from retirement now
but retirement gonna raise to 70 by that time if impsbert have his way.

also don’t forget that $500k you predicting will be taxed.

For full time permanent employees, yes, even if they work shift.
Iirc, not if you on contract they don't.

ANY employee contract or not supposed to get NIS

[88sins]

your company doesn’t pay your nis?
it is mandatory for employers to pay that.
you are 21 years from retirement now
but retirement gonna raise to 70 by that time if impsbert have his way.

also don’t forget that $500k you predicting will be taxed.

For full time permanent employees, yes, even if they work shift.
Iirc, not if you on contract they don't.

ANY employee contract or not supposed to get NIS

Let's try that again shall we.

[paid_influencer]

if you are a contracted sole trader, you responsible for your own NIS i think