How to have wealth in retirement

If you want wealth in retirement then one thing is for sure you can't rely on the government if you live in Britain, unless you are either an MP or perhaps in the public sector.

See the thing is that Gordon Brown destroyed private pensions in the UK when he was chancellor and there is a massive crisis ticking from them, it didn't blow up at the time as it is in the future but getting closer and closer.

So if you are not an MP who votes on your own whopping pension increases or one of those in the public sector that the government has to placate in order to keep voting them in then you are in trouble.

What does all of this mean?

It means that you don't need to panic, but you do need to take action now.

And what you need to do is this - save as much as you are physically able as consistently as you can from as young an age as you can.

If you do that and are able to do it for many years then you might just about have enough left in retirement to live off. And if your employer matches a good percentage of that money you put in and adds it own amounts too then so much the better.

The thing is you need a massive pop in that pension fund to fund your retirement. If you get 100,000 in there that this might sound like a fortune, and much more than you would ever have in savings, say.

However if you live for 20 years after retirement and many people do live that long or longer these days, then that actually works out as just 5,000 a year - hmm not so good now is it.

So you need to save as much as you can over the years to build up a decent pension pot as this shows, so set to it now - at least there are tax advantages to it and it comes out of untaxed income.

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