Retire safe in knowledge money can grow on trees
Published 25/01/2012 | 06:00
Providing for our old age is something we tend not to think about until it's almost too late to take action. Even in middle age, many view retirement as something that only happens to other people.
However, a pension is vital to secure financial independence and provide a spot of comfort after a lifetime of working.
Farmers, of course, rarely retire, much to the frustration of their sons and daughters, but the facts remain that whatever our profession, our earning capacity usually diminishes as we grow older. One has to be careful though, for supposedly safe investments can vanish into thin air.
The bank shares that I, and many of my friends, own are proof of this. But there is no profit to be had in continuing with the blame game. We, ourselves, are responsible for our actions, so let's learn from the past and just remember our futures are in our own hands.
I never liked the concept of relying on someone else to make financial decisions for me anyway. We are perfectly capable of making our own mistakes rather than paying some consultant to make them for us.
But before investing for a pension, talk to an experienced and qualified professional such as a trustworthy accountant. Then make up your own mind.
As the current recession progresses, the worth of conservative, safe investments continues to shine -- and if something is being offered that promises exceptional returns then it could well be a scam. Financial history is a good guide and it repeatedly tells us to avoid whatever everyone else is buying.
Houses, land, shares and the more exotic assets such as art or postage stamps all come in and out of fashion with extraordinary regularity.