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Trusted retirement planning experts in the Cayman Islands

Planning your retirement is an exciting time.

Retirement Planning

Trusted retirement planning experts

Planning your retirement is an exciting time. You’ll no doubt have various aspirations for the future, but it’s important to have a proper retirement plan put in place. At PROVEN, our bespoke retirement plans are carefully tailored to your current financial situation and goals so you can make the most of your retirement.

Common retirement challenges faced by our clients

Planning for retirement can raise a number of issues, even more so if you’re hoping to make the most of your freedom through travel. Some of the common questions asked by our clients include:

How much income will I need when I retire?

This depends on your goals and plans for the future. Our bespoke planning service will guide you through the planning process, providing you with a clear idea of how much you will need to invest to achieve your goals.

What size retirement fund do I need?

Take into account the income you feel you would need, as well as any foreseen one-off expenses. Then factor for inflation between now and your life expectancy and take into account whether you wish to pass on any legacy. There are many things to consider when determining the size of fund you will need. Our advisers have the experience and expertise to cut through the math for you and estimate your required fund size.

How do I know that my money is invested responsibly?

Compare the income and retirement fund you require with your current financial situation. If your savings and existing pension do not cover these costs, we’ll help you calculate the difference and put plans in place according to your affordability to boost your funds and reach your goal.

Our retirement planning process

There are five steps to our retirement planning process:

Learn about you

To help you plan for a secure and comfortable retirement, we need to understand your current situation and vision for the future. We’ll ask you about your retirement goals, along with any concerns you may have.

Analyse the numbers

We’ll analyse your financial position and calculate any shortfall if it exists in your provision. We’ll look at your affordability and risk profile, then discuss your best options going forwards.

Create your retirement plan

We’ll then recommend a personalized retirement strategy and create your personal retirement plan. This often includes details on how to improve your financial lifestyle while saving and how best to manage your money during your working life.

Implement your retirement plan

When you’re happy with your personal retirement plan, we put it into action straightaway, so you can start looking forward to your retirement, having peace of mind you have a structured plan in place.

Ongoing reviews

Once your plan is up and running, we’ll regularly review it and take into account any changes in your personal situation to ensure your plan is working for you. We’ll make any recommendations along the way we feel are right for you, to make sure it fits in perfectly with your long-term goals. The experts at PROVEN are always on hand to provide advice, too.

A Well known author Jean Chatzky once said

“Knowing where you stand in your quest to accumulate enough money for retirement is an incredibly important part of the planning process.”

FAQs

When can I retire?

Whether you want to retire early or at standard retirement age, at PROVEN Wealth we work with you to establish your financial situation, future plans, and any other factors that will impact on your retirement. This information helps us produce a plan that gives you a clearer idea of when you can retire, but the amount you invest each month will have a big impact on this.

What does retirement planning involve?

To help you plan for your retirement in the Cayman Islands or elsewhere, we’ll ask you to tell us more about your plans for the future, including your retirement goals. We’ll then analyze your financial position and risk profile so we can consider your best options going forward.

Do I need to know anything about financial markets or investing?

Not at all. Our experienced teams specialize in creating retirement plans that involve personalized financial strategies. Our expert advisers understand financial markets and investing so you don’t have to, we take the worry out of your investing.

Is there a fee for our initial meeting?

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What risks do I have to take?

As with all investments, there is a certain degree of risk associated with investing for your retirement. However, as we assess your individual appetite for risk and tailor your retirement plan to suit the level of risk you are prepared to take. We’ll explain any risks before setting up your plan so you’re fully prepared.

How much money do I need to start?

Our clients come to us with a range of financial circumstances and the level of recommended regular contribution is always based on each individual client’s circumstances, but the minimum monthly contribution is USD$300pm.

What happens if I decide to leave Cayman?

Our retirement plans are designed for both Cayman Island Locals and Expats and are completely portable. If you choose to leave Cayman, you can take them with you.

Which currencies can I invest?

You can invest in USD, GBP & EUR.

How much will I spend in retirement?

Your retirement costs are entirely dependent on your plans. As part of our service, PROVEN Wealth will help you establish how much you’ll need for day-to-day living, as well as additional funds you’ll need to achieve any retirement goals.

How should I change my investments when I am getting close to retirement?

As you approach retirement it’s likely you’ll need lower-risk investments to preserve the money you have accumulated. As part of our Cayman retirement plans service, we will help you review your plan as retirement draws closer.

How should my money be invested when I retire?

Your investment choices after retirement will depend on your personal circumstances. We have several options available at and post-retirement which allow you to take all your accumulated savings as a lump sum or continue to invest while drawing an income. We would usually recommend a lower-risk investment strategy after retirement. We’ll discuss your options with you as part of your PROVEN Wealth retirement plan review.

Do I need a will or trust?

When thinking about the future of your money, you may be considering a long-term investment to increase your legacy. This can involve creating a will or trust, which gives you control over where your money goes. As part of your retirement plan, our experts can help you consider your legacy options.