A special breakfast meeting next week will focus on the cost of retiring in Bermuda.

The breakfast seminar, organised by the Bermuda Chamber of Commerce and presented by Miguel DaPonte, senior vice-president of BF&M Investment Services, will look at changes to pensions and how to prepare for life without a work salary.

Nathan Kowalski, co-chairman of the chamber’s economics committee, and moderator for the meeting, said: “This is a timely and relevant topic.

“We have just heard that the senior population in Bermuda will outpace the millennial population by 2017.

“This puts even more strain on the social insurance as there are fewer persons contributing towards it.

“Those of working age should now be concerned if their pension will be available to them at retirement.”

The meeting will also look at the long term shift from traditional defined benefit pensions to defined contribution plans — which increases the responsibility of retirees to successfully generate lifetime retirement income.

Mr DaPonte said the breakfast session would explore current pension provision on the Island and it if it sufficient to achieve minimum retirement benefits.

He said: “We will also discuss what can be done to improve these outcomes whether through participant behaviour, plan design or legislative changes.”

The meeting will be held at the Royal Bermuda Yacht Club in Hamilton. Doors open at 8am and the session begins at 8.30am.

The cost for chamber members is $40 and $50 for non-members.

Anyone interested in attending should contact Stephanie Lee as slee@bcc.bm or phone 295-4201.