Recent reports from Sky News have highlighted a looming retirement crisis that is set to impact millions of Britons in the coming decades. According to a study by Phoenix Insights, a leading think tank, nearly three million pensioners will struggle to cover their essential costs by the early 2040s. This sobering forecast raises an important question: Have you ever considered starting a side business to secure your financial future?
The study paints a bleak picture:
- In the next five years, most people with defined contribution pensions will retire with insufficient funds for a basic standard of living.
- By 2040, about 2.67 million people (three in five savers) will face this financial shortfall.
- Full-time working women born in the 1970s, earning below £80k, and planning to retire between 66 and 70 are expected to be the hardest hit.
The Pensions and Lifetime Savings Association states that the minimum amount needed annually in retirement is £14,400 for an individual and £22,400 for a couple. This covers essential costs and allows for some additional spending, such as a UK holiday.
Patrick Thomson, head of research analysis and policy at Phoenix Insights, emphasises the urgent need to address undersaving to support people in achieving financial security later in life. While policy changes like increasing minimum auto-enrolment contribution rates are suggested, these solutions may take time to implement and impact your situation.
So, why wait for others to solve your potential retirement crisis? Have you considered taking matters into your own hands by starting a side business?
For instance, the organic food supplements industry is a lucrative and growing market. By starting a business in this sector now, you could:
- Build a stable residual income stream
- Potentially retire earlier than anticipated
- Upgrade your lifestyle in retirement
- Fulfil those lifelong dreams you’ve always wanted to pursue
Starting a side business doesn’t mean you have to quit your day job immediately. You can begin small, dedicating a few weekly hours to building your venture. Over time, as your business grows, you may find yourself in a position to retire comfortably or even early, with a thriving business providing ongoing income.
Forge Your Own Path: Turn Retirement Concerns into Opportunities
The retirement crisis highlighted by Phoenix Insights is indeed concerning, but it doesn’t have to be your future. By taking proactive steps now, such as exploring entrepreneurial opportunities in growing industries like organic food supplements, you can work towards securing your financial future and potentially achieving the retirement lifestyle you’ve always dreamed of.
Don’t wait for the crisis to hit. Start planning your side business today and take control of your financial destiny. After all, the best time to plant a tree was 20 years ago. The second best time is now.
Are you ready to take control of your financial future and pave the way for a prosperous, fulfilling retirement?
Don’t let the looming retirement crisis dictate your golden years. I’ve discovered a transformative opportunity in the booming organic industry that could be your ticket to financial freedom. By partnering with an ethical company, you can create your own economy through a franchised ecommerce business. This isn’t just about making money—it’s about building a sustainable future while aligning with your values. Curious to learn more? Take the first step towards a happier, more secure retirement today. Reach out on my contact form, and let’s explore how you can turn your retirement dreams into reality. Your future self will thank you for taking action now!
Source: Sky News Money Blog 4 Oct 2024
