Retirement Plans in Lebanon

your best bet would be becoming a minister. I am sure you won't have anything to worry about when you get old.

what do you do in life? engineers and lawyers have good pension plans for example.

amkahal wroteHi,

all of us know that our country is weak when it comes to retirement and health Plans for people, so every Lebanese citizen should plan by himself for a fair life after retirement. So, What do you Know about best retirement Plan in Lebanon and what is the best Assurance Company.

Go to your bank they most probably have one "retirement plans + life insurance" i know BLOM bank and bank med. do.
Same goes if you are subscribed to a syndicates "na2abe" + there is always "aldaman" your work should by law pay for it.

for me, I do not trust insurance companies thatr offer retirement plans. Daman on the other hand has its downs and ups. you get medical insurance (shitty but neccessary) you get a pension when you retire (1 month * years of subscription for 20 years+) and you get family allowance.

if are able to subscribe to the NSSF (National social security fund) that would be good.
if you have any questions regarding the NSSF let me know.

I was sold one at the bank once, I quit it 2 month later after I read the terms and conditions... I don't like them, and don't let the bank sell you stuff on the spot.

Basically the one I got into said that I would pay a monthly fee and then at retirement age (65) I will get all that money back +10% for every year I subscribed. And if I die before someone else will get the money, and they would get at least 20 k(assuming I died after I only paid 100$). The terms I did not like were the following:
1) if you withdraw before at least 10 years have passed you would be at a loss
2) explosions, suicide, murder, wars and natural disasters are not covered under the insurance, so if you die under these circumastances, it either counts as a regular withdrawal of your next of kin(which again could be at a loss or some minor gain)
3) given that there is an inflation rate of like 4 to 5% a year, and in this unstable region who knows in 40 years everything I saved up for would be in the best case scenario equivalent to a 5% yearly interest(cause 5% is inflated) so basically, put your money in the bank now for 5% interest it's less headache and around the same benefits.

etc... I don't trust banks, just save up your money, don't get sucked into their stuff.

dsoftware.king wroteyour best bet would be becoming a minister. I am sure you won't have anything to worry about when you get old.

Except maybe a bomb under your car!
If you ask me about retirement I'd say retire in another country. Lebanon is small, and not that cheap anymore. But I don't have any specific idea for you especially since many countries will require visas, etc, but there are ways around that if you want to buy a house (= invest) in their country.

If you want to go the conventional way, banks have retirement plans. I know at bank med, they tried to sell me something like this once, where you'd put aside a small amount of money every month, and then when you are old you get a fund for retiring. If you (sadly) pass away before being able to take advantage, relatives will.

But I think, if you can, investing in a flat (or something else) to rent out will provide a steady stream of income, that sounds like a good retirement plan to me!