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How will you pay for your old age?


Traditionally 7 methods that have been preferred are:

  1. Working
  2. Cash savings
  3. State pension
  4. Private Pensions
  5. Investments
  6. Annuities
  7. Cost cutting

Have you planned enough yet?

Working : This may seem like the obvious choice to avoid after retirement age. However, there are currently over 1.1 million people in the UK over the age of 65 working according to The Department of Work and Pensions.

Cash Savings : Savings are not providing much of a return at all at present and only those that shop around and structure their savings correctly are keeping up with inflation. The cash savings strategy with current rates of return will see the total savings sum depleted quicker that is desirable.

State Pension : The current State Pension for a single person is £115.95 a week. Is this enough for you?

Private Pensions : These have come under tremendous scrutiny since many have significantly under performed in recent years. If you haven’t had a pension review recently it would be advisable to do so.

Investments : According to the latest 2014 release of Dalbar’s Quantitative Analysis of Investor Behavior (QAIB), the average investor in a blend of equities and fixed-income mutual funds has garnered only a 2.6% net annualized rate of return for the 10-year time period ending Dec. 31, 2013. The same average investor hasn’t fared any better over longer time frames. The 20-year annualized return comes in at 2.5%, while the 30-year annualized rate is just 1.9%.

Annuities : Many with a pension lump sum payout have chosen to invest this into an Annuity to provide an annual income on top of their pension. Annuity rates have plunged in the past decade and, unfortunately, don't look likely to return to their 2007 peak.

Cost Cutting : Given the poor performance of the above methods many are forced into the least desirable option of cost cutting. This may involve downsizing the family home and moving away from the area you have lived in for more affordable pastures. Add in trimming day to day expenses where ever possible, minimising travel expenses, reducing the cost of utilities by shopping around regularly, lowering the standard and cost of food and drink to the mix and by lowering your quality of life you may manage to reduce your costs significantly.

What has the potential to provide an income on a monthly basis and / or lump sums over time?

What has outperformed the returns listed above?

Could there be another way?

Discover how you could make the returns you want or need call 0208 6109 472 today.

or register here to learn more

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