There have been one too many excuses from so many different people. More and more they are unashamedly bemoaning the fact that they are not able to put away a decent sum of money every month. Not just for a rainy day. Not just for unforeseen and unexpected emergencies. But for their future pension still some way into the distant future. But before they realize it, that future is already there.
Sadly ironic is the fact that these are folks that are not able to engage in what is known as panic selling. Because of course, they simply do not have the portfolio to show for it. They never saved a rainy day in their lives. Many seem to think that it is just too late for them. The big question asked now is. Must I now spend the rest of my life working until the day I die? But what if you are no longer able to work?
And would you not want to relax during a time of your life that you should? After all the hard years you put in, you surely deserve it. It is never too late to start saving up for a decent pension. They need not be referred to as schemes but there are a number of safe vehicles like fixed deferred annuities that could at least help. And all that is needed to be done is to put away a sum of money each month and just forget that it is even there.
And by the time the deferred annuity term is due, that saved money could very well be reinvested for a further period. By that time motivation to add more to the investment will have settled in after having witnessed the positive effects of compound interest growth.Read More