Will Generation X Be Able To Live Off Their Pension Pot?
Digital Marketer & Home Business Consultant
Hello again to all my fellow Generation X members. In today’s post I would like to talk about a something that you may or may not have thought about, pensions. I know that it is a slightly boring and tedious subject to bring up but let me ask you one question. Have you planned for your old age?
Although we Generation X are nowhere near old at the moment the truth is my friends is it will happen one day. If you are like me and in you mid-forties we are some of the older members of Generation X and it is still 20 years away until we pick up our pension. That may seem a long way away but as my dear mother used to say “Time goes quicker the older you get”. Never has a truer word been said. My mother is sadly no longer with us but I can still hear her saying it to this day.
So have you done anything about it? For me it was something that I started to think about 25 years ago. That may seem strange that at the age of 20 I was thinking that far ahead but it was something that my parents instilled into me to do as they were not in that position when they were younger. My dad did not start until he was 50 due to the financial constraints he had at the time.
So when I was 20 years old I started paying £50 a month, which is nowadays worth about £100, into a pension fund. After about 3 years I had to stop as I had a young family and basically could not afford it and I have not paid anything into it since. Also in the UK where I live you have the option to pay a lower rate of national insurance where a portion of the payment goes towards you state pension. Yes I will get a pension of sort but it will never be at the level as if I had carried on the premiums.
Some of you reading this will have everything in place and good luck to you. There will be many of you who can relate to my position. So what are you going to do about it? I have in the past thought it would be ok as I may win the lottery, unfortunately that has not happened. Maybe you are still waiting for that then good luck.
No we have to do something about it. Even if you have got it all sorted then what I am about to talk about will still interest you as it could help make your life even more comfortable.
I have my own cleaning business and my wife has a well-paid job in food distribution. The thing is there is no way in this world that I will be able to earn enough money in my current business to in effect top up my pension so I had to think of something else and I am now putting it into place.
It will enable me in time to enjoy a six figure income. So over the next 15-20 years I will have the capacity to fill the hole that I have in my pension fund. I won’t go into the ins and outs of this in too much detail now but what I will say is that once set up the business will be 90% automated so there is no being stuck to a desk 8 hours a day and it has no geographical ties. In other words you can work anywhere in the world. The only thing I will say about it is that you only need to make 15 sales a month to give you a six figure income. You can even run this alongside doing your normal job.
If this is something that you may be interested in learning more about then I invite you to contact me either by email or you are more than welcome to make an appointment with me on Skype and I will tell you more about it.
You can also find out more about it from an associate of mine Stuart Ross in a short video presentation. Please click the image below.
So if like me you are facing a hole in your finances in later life then may be the answer that you have been looking for and please remember you can contact me by clicking here if you need any questioned answered.
I hope that you have found this post informative and it may have given you some options to address the issue of making sure that Generation X is financially comfortable in their later years.
As always I wish you well.
Pete Harris
Digital Marketer & Home Business Consultant
Six Figure Mentors Elite Member