How to Assure a Comfortable Retirement

#Retirement #Savings #GoldandSilver

How to Assure a Comfortable Retirement

In this video podcast we look at a professional adviser's approach to saving and investing for a comfortable retirement. we also look at additional approaches to achieve the same if not better outcome.

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Now today we thought we would talk very briefly about pensions. Yes, those savings we are encouraged to contribute so that we can live out or retirement in luxury – well that’s the theory anyway.

Your narrator i.e. Me used to be a pensions adviser and can say without any doubt, that if you fail to start saving into a some form of retirement scheme early and then increase it as you income increases then unless you make money some other way, you will find that what you have at the end, will only just allow you to survive.

If you have no pension whatsoever and have not gathered other assets, then frankly your retirement is likely to be a miserable one.

There is no doubt that pension advisers will direct you towards some for of equity managed type fund or funds and in many countries governments encourage you to do this too as there are often tax breaks given.

Some funds you can manage yourself and others need to be managed by professionals. Some have company schemes and providing the owners do not plunder them, these are often some of the better arrangements.

What I have done personally and it has served me well, I shall tell you after reading an article published in FT Adviser this week – regular listeners will know this is a publication for investment professionals and is predominately UK focussed. That said, the principles generally apply across the world.

So, this is what it says:

From a very young age I have saved and even earned money buying and selling products while at school and invested that money into gold sovereigns. They were around £30 each then and it would take me a month or two to earn that sort of profit. But by the time I actually started work I already owned 20 gold sovereigns.

I was employed by a major High Street Bank – Lloyds Bank – and there I contributed to my Company pension scheme to the maximum amount I was able, where it was matched by my employer, and where there were considerable tax benefits.

I also purchased a sovereign every month.

At the age of 35 I owned around 200 sovereigns, had a healthy and growing pension pot and owned a house which I bought with a 5% deposit and a preferential 95% mortgage – which by then had doubled in value.

I then while working set up a consultancy business which continued well after I left banking and the proceeds of which, while I worked, for an employer, went into unit trusts, shares, another property and what we in the UK call premium bonds which are Government Bonds offering prizes if you win, of anything from £50 to £1 million.

In my early 40’s I started to purchase silver coins as well and maintained my 1 sovereign a month purchase.

But look at what I have done. Spread my risk between property, equities, tax relief able savings, government bonds and physical gold and silver. I began early in my life while others were blowing the money on clothing brands, alcohol and fast cars.

If you are now much older like me and Greg and you don’t have time on your side, then at least keep your precious metals topped up – gold for security and silver for excitement. I hope this helps.

What do you think? Do share your thoughts.

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