Planning for retirement should begin the moment you start to work, Wayne Ifill, Founder and Managing Advisor of financial planning and advisory firm Vanilla Financial Architecture Inc. has advised Barbadians.Speaking on Monday night during the second of a three-part online series hosted by the Barbados Coalition of Service Industries (BCSI) and the Barbados Association of Insurance and Financial Advisors (BARAIFA), Ifill said too often, people waited until they were in their 40s to begin taking retirement planning seriously.He said while all was not lost at this point, it was critical to start earlier.“You should start planning for retirement the day you start working. If you think about it, you might work for 40 years or thereabout and if you gauge by your grandparents you could live for another 30 years in retirement, which means you have about 40 years to earn income to support you during those 40 years and support yourself another 30 years after that,” Ifill explained as he pre
Financial experts are encouraging individuals and business owners to engage in financial planning in order to get more bang for their buck.Founder of the financial advisory firm Vanilla Financial Architecture Inc. Wayne Ifill says by engaging in financial planning and eventually achieving financial control, individuals would be better able to plan their retirement, be less anxious about monthly expenses and be in a better position to recover in the event of a natural or man-made disaster.“You will find that when you get to this stage where you have financial control you are a lot less anxious about those monthly bills, annual bills and those things that come around every three, four or five months, because you are controlling your money to the extent that every month you are making provisions for those monthly, semi-annual and annual expenses,” he said.“The goal of financial control is to reach the stage where you know how much money is coming in and you control your spending to