Welcome back, learners! Today we are talking about the future. Not just next week, but twenty, thirty, or forty years from now. We are talking about Retirement in Guyana. Many people think, “Oh, the government will take care of me.” But will they? Is the money enough? Today we are going to break down exactly how the system works and how you can build a safety net that actually holds you.Let us start with the foundation: The National Insurance Scheme, or N I S. You see that deduction on your payslip every month? That is your contribution to your future. In Guyana, if you are working, you contribute five point six percent of your salary, and your employer contributes eight point four percent. If you are self employed, you pay twelve point five percent. This money goes into a pool to pay for your benefits later.Now, here is the magic number you need to remember: Seven Hundred and Fifty. To qualify for a full N I S Old Age Pension at age sixty, you generally need to have made at least seven hundred and fifty weekly contributions. That is about fifteen years of working and paying N I S. If you have fewer contributions than that, you might only get a “Grant,” which is a one time lump sum payment, instead of a monthly pension. So, go to the N I S office on Brickdam or check online and count your contributions!But N I S is not the only support. There is also the “Old Age Pension.” This is completely different from N I S. This is a monthly payment provided by the Ministry of Human Services and Social Security. It is for any Guyanese citizen who is sixty five years or older and has lived in Guyana for at least two years before applying. You do not need to have worked a single day in your life to get this. It is a safety net for our elders. And the best part? You can get BOTH the N I S pension and the Old Age Pension at the same time.Now, let us do a reality check. As of recent years, the Old Age Pension is around thirty three thousand Guyana dollars a month. The minimum N I S pension is roughly similar. If you add those together, you get about sixty six thousand dollars a month. Now, ask yourself: Can you pay your light bill, buy food, pay for transport, and buy medicine on sixty six thousand dollars a month? For many people, the answer is no. This is what we call the “Income Gap.” Inflation makes everything more expensive over time, but these pensions often increase very slowly.This is why you cannot rely on the government alone. You need a “Private Pension Plan.” Many large employers in Guyana, like banks or utility companies, offer these plans. You put in a percentage of your salary, say five percent, and the company matches it. This money is invested and grows over time. The government encourages this by making your contributions tax deductible. That means you pay less Income Tax today while saving for tomorrow. It is free money! If your job offers a pension plan, join it immediately.But what if you are self employed or your job doesn’t have a plan? You have to build your own. In Guyana, Real Estate is a popular retirement strategy. Buying a second house or a piece of land and renting it out can provide monthly income that keeps up with inflation. If the price of rice goes up, rent usually goes up too. However, be careful. A house is not “liquid.” If you have a medical emergency and need one million dollars tomorrow, you cannot sell a bedroom. You need cash savings too.This brings us to the Guyana Stock Exchange, or G A S C I. It is located on Waterloo Street. You can buy shares in strong local companies like Banks D I H, D D L, or the local banks. When these companies make a profit, they pay you a “Dividend.” This is a check you get once or twice a year just for owning the stock. Many retirees use these dividend checks to pay their utility bills. It is a way to make the Guyanese economy work for you, instead of you working for it.We also need to mention medical costs. As you get older, healthcare becomes your biggest expense. N I S covers some medical benefits, like spectacles and some dental care, but it does not cover everything. The public hospital offers free care, but for specialized treatments or faster service, many people prefer private hospitals. Having a dedicated “Medical Savings Fund” or private health insurance that continues into retirement is crucial. Do not let one illness wipe out your life savings.So, here is the checklist for a secure retirement in Guyana.
One. Check your N I S contributions. Are you on track for the magic Seven Fifty?
Two. Apply for your Old Age Pension as soon as you turn sixty five.
Three. Join your employer’s pension plan if they have one.
Four. Invest in assets like property or stocks that grow with inflation.
Five. Keep an emergency fund for medical issues.Retirement should be a time of relaxation, sitting on the veranda enjoying the breeze, not worrying about the grocery bill.Start planning today, and your future self will say thank you.Thanks for watching, learners. See you next time!
