I asked him did he have £1,400 000 in the bank?
I remembered a conversation I had with a client many years ago about his retirement plans because he had a pension shortfall.
You see I use to be a Financial Advisor in a past life and the majority of my clients lived in nice wealthy areas, had good jobs and had disposable income at the end of their months! How live has changed now!
This client said he wanted to have an income of £65 000 when he retired however when looking at his retirement plans he had a very small private pension and he just received the estimated pension if everything said the same and he retired at 60.
The pension was £9,000 a year.
Before I met with the client I said to him to get a review of the pension and I am glad I did because he was shocked at the small amount.
So keeping this in simple terms to make up the shortfall in retirement income of £56 000 I asked him that if he had £1.4 million in the bank because if he did and it was giving him 4% interest it would them pay him £56,000 p.a plus his £9 000 pension he would achieve his £65 000!
Now I know what you are thinking, this was from over 20 years ago. But the same thing
applies today as it did 20 years ago. 95% of the population do not have enough to retire on. This does not include the global recession. Millions will a have pension shortfall if they don’t wake up now!
Take a look at this blog post where
Someone Else With A Pension Shortfall cont!
I found myself in this situation and I thought what am I going to do to turn the tables around?
I could take out another private pension and let the companies gobble up my payments in their obscene charges. Or I could keep everything crossed that we don’t see another global recession again, or hopefully the markets will perform well and I will live a better than comfortable life!
No no no!! This was not going to get rid of my pension shortfall. Been there and done that so what I did was changed my direction completely.
I started my online business and this is what my retirement fund is but wait there is more!
With the Six Figure Mentors I don’t have to wait to retirement to get my income. I don’t have to wait till the annuity rates are in my favour! I don’t have to wait till retirement to start to enjoy my life.
I can do it now and that is because it is my life and I am taking full responsibility for it and I won’t leave it to others to decide what is best for me.
I know what is best for me because I know me and what I am capable of achieving no matter how long it takes.
Now is it for you……….I don’t know!
If you are prepared to work hard in the hours that you are building your online business, go to events, attend training webinars and are coachable then yes I think so.
However words are 10 a penny! Everyone says yes to those questions but few actually do what is necessary. I suppose you need to ask yourself the question “Just how serious am I about my retirement shortfall and my standard of living from here on in?”
Read this about more stats on this ticking time bomb!
Are you the exception? If so click here
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