Saving for your retirement is a subject often talked about in the media, and the reason for that is the UK is experiencing a shift in the age of its population. We are reaching a point where there will eventually be more people at retirement age than those that are eligible to work. However, that’s a problem for the government! What this article is here to discuss is whether or not your financial plans for retirement will take care of you adequately, or if you risk becoming one of the statistics that ends up living in near poverty.
How Are You Currently Saving?
Your age bracket will more than likely affect the way you think about this question. It could be that you have a private pension and you’ve been saving for many years. It could also be that you’re at an age where you think you’re young enough not to have to worry about all that “retirement” nonsense.
The second attitude is the most concerning. No-one really knows how long the UK government can sustain a national pension, and there is a good chance that for those of you in your 20’s, it may not exist at all when you reach your mid 60’s.
For those of you with private pensions, you might be shocked to find the return you’re due to receive won’t allow you to live the lifestyle to which you’ve become accustomed. And this is why considering the idea of either transferring a current pension plan into a forestry investment, or starting to invest in this way could be something that will allow you to live out your days without worrying about money.
Why Invest In Forestry?
Take a look around you right now. What do you see? Tables, chairs, office desks or all manner of other types of furniture. And what are they made of? Wood! Not only is wood one of the most widely used materials in the world today, the demand for it isn’t set to decline any time soon.
This is why investing in timber is possibly one of the safest ways of making your money work for you because its value is highly unlikely to go down. This means you will see a constant profit on your investment.
How to Transfer Your Pension
There is something called The Self Invested Personal Pension or SIPP which was introduced in the UK back in 1999. What this means is you can transfer funds from your current pension into a forestry investment. In fact, you’re not limited to just timber, you can choose all manner of industries. However, if you’re looking for a more ethical way of making a profit on your savings, its worth sticking with something that helps economical growth and sustains out planet.
There are many companies on the market that will help you with all the information you need regarding an SIPP and they will make the process very easy for you. So, if you’re concerned about your current savings in terms of retirement, perhaps this is the answer for you!
Bryan Stevens is very passionate about blogging, he has a huge interest in investing and the stock market. He often does blogs for Emerald Knight Consultants.