 |
| image courtesy: http://goo.gl/pYDYy |
Leading
financial magazines reveal that Brits are not prepared for retirement.
According to a recent research, nearly half of the working population in the UK
are saving nothing for the golden phase of their life. Majority of the people
prefer to work until later phase of their life and also, there is an upsurge in
the number of people, who work in the retirement as well.
Certainly,
that’s a disheartening figure but there are also few wise men that have planned
out everything to survive when the boat sinks in. We bring you the story
directly from horse’s mouth. Take an inspiration from them and start mending
your ways before it’s too late.
Kevin is a 29 year old IT
professional and has saved almost £41,500 in 401(k) and other retirement plan.
How Kevin did it: I started contributing in
the employer sponsored retirement plan as soon as I got hired for my first job.
I made it sure that 4 percent of my salary is contributed into retirement fund.
My mom had fallout due to very reason that she didn’t save for retirement and
taking a leaf out from her book, I started making my contribution from early on.
After
leaving my first company, I joined another on hiked salary but didn’t make
contribution to the pension pot, my employer did. Into my current organisation,
I am receiving handsome salary package and making a contribution of 6 percent
into the pension fund.
However, Andrew Brown has another story
to tell. He is 40 years of age, a divorcee and working in the finance sector.
He bought a house recently with his savings and look at this property as his
biggest asset.
How Andrew did it: I was reluctant to make
contribution in the pension fund from early on. But I realised its importance
sooner but dealt it differently. I bought a house of own recently with my entire
savings and look up to it for funding my retirement needs.
You
might wonder that how my home will take care of retirement, to let you know
that releasing equity from home is the latest trend in the UK and offers
several time tested benefits to the retired homeowners. I have a firm faith on
the plan and believe that my house will take care of retirement needs of mine.
Similar
to Andrew, there are many working professional in the UK mull on equity release
schemes to fund their retirement life.
Do you know?
- Equity release offers right to retain the ownership of house for lifetime.
- Equity release money is free from all the tax forms and you are independent to make use of money as per your wishes.
- Equity release guarantees no negative equity on your house.
- There is no need to pay monthly interest rates.
- Majority of the retired homeowners in the UK trust on equity release scheme to look after their retirement years.
 |
| image courtesy: http://goo.gl/XgvYK |
