It’s happened; in fact it’s been coming for a long time
The traditional pension as we know it is dead. Today we can no longer rely on the traditional pension to provide a comfortable retirement; it may not even provide a retirement income at all. Millions of people are becoming aware of this fact. On a daily basis we will speak to dozens of people who have come to this realisation and have been forced into taking alternative action.
Pensions have failed for numerous reasons, government legislation, high fees from greedy financial institutions and miseducation. We have long been told that we should pay into a pension throughout our working lives and we can expect a comfortable retirement, this is a myth. A myth that will cause you financial heartache if you accept it as truth.
The media are slowly waking up to the pension crisis and has now begun to report regularly on the state of our pension system. BBC documentary maker Panorama caused outrage when they revealed that some pension companies are taking out the equivalent of 80% of the money paid into some pension plans in fees and commissions.
As horrific as that sounds it’s not an isolated case, the only party guaranteed to benefit from your pension contributions are the pension companies because if they deliver or not they will get paid.
The Pension Crisis has gotten so bad that a recent survey found 8% of people plan on winning the lottery to fund their retirement!
So what is the solution, work until we drop? I don’t buy into that scenario, I strongly believe that property investment over the long term can provide you with a pension that will not only provide for you but could also be capable of looking after future generations too. I am not proposing any miracle get rich quick schemes but if you take a long term view, property investment may offer the solution