During his weekly video blog, the Minister for Finance Prof. Edward Scicluna discusses various savings and investment options which many are often not aware of, and which many can benefit from so to improve their quality of life in their later years.
He notes that to facilitate and encourage the habit of putting something aside for one’s later years, the Government has introduced a number of third pillar saving schemes so as to provide tax credits to those who opt to explore such private pension options.
Prof. Scicluna also explains that there are a number of elderly individuals who are currently facing difficult circumstances due to lack of liquidity. This is despite these elderly persons would be in possession of valuable assets such as property, but have no way of turning those assets into disposable income.
Due to this insolvency, these elderly individuals would not be able to ensure a decent standard of living for themselves.
Prof. Scicluna explains that the Government is currently looking at options for schemes which would provide annuities against such assets such as property. In this way, these elderly people would be able to benefit from their assets and enjoy the standard of living they deserve.
He notes that such schemes would need to be regularised to protect and inform the rights and interests of consumers, and ensure that nobody would be taken advantage of.
– Thursday, 15th January, 2015