Pension Reform And What It Can Mean To You

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 Pension Reform – Coming Soon To a Pensioner Near You

It was only a few short years ago that Pension Reform became the subject de jour in France, and it unleashed a wall of fury that was almost astonishing to witness. It was understandable to some degree, because clearly a lot of people had been counting on the government supplying some level of pension funds to those of a qualifying age.  They were not happy to find out that they had been de facto lied to both about the qualifications for pensions and the amount that they could expect to receive.  

The sad reality is that that scenario has been played out again in Greece, and is now a hot topic in Canada and the Czech Republic.  It is also just the tip of the iceberg. Every pension fund irregardless of size is under attack due to underfunding. Much of this underfunding has come about as a result of two things. Demographics and Pension fund growth (or lack thereof).  The demographics of most western countries, and ironically the companies within them, have all but assured fund failure or at the very least major benefit reductions. There are too many people who are going to qualify for benefits and too few contributors to make the system work.

To add grief to the mix, many pension funds were caught up in a variety of the debt derivative and mortgage markets that went sideways in the last financial collapse. Pension funds that were once seen as untouchable as organized religion have seen their values seriously eroded, depending on the level of involvement, and it seems as though no one has escaped unscathed. This double whammy has left many pensions very seriously underfunded and some are being forced to take some very drastic action. It is widely expected that a lot more will be forced to follow suit.

Pension Reform – How You Can Safeguard Yourself Against It

If you have been counting on your pension to make up the vast majority of your income once you retire, thinkpension reform again.  It would be optimistic in the extreme to think that you will still be able to get (and keep getting) full benefits from your particular pension plan. Being optimistic is great, if you are hoping for sunshine or wishing that you will win the grand prize at karaoke, but it has no place in planning for your future. You need solid plans and a real source of income. With people ‘living longer’ it is going to become incumbent upon us to provide additional funds to take care of additional expenses that are bound to show up as we age.

More and more people over the age of fourty and closing in on retirement have decided that they are not going to wait to see if the government or company pension funds will be reduced, or fail altogether. They have taken it upon themselves to provide the funding of their retirement plan by starting a small business or a home based business that will create income for themselves. The huge wave of self- starting business people is what is going to propel the economy forward and ultimately offset the shortcomings of the pension funds.

Don’t wait for the letter in the mail or the call that tells you that your expected or actual pension amount is going to be rolled back. Act now and see what options you have available to you, instead of just becoming another protesting victim of pension reform.  Governments cannot simply borrow more money as they have done in the past. The cupboard is bare. Do we care?

What do YOU think about Pension Reform? What are you going to do to fund your retirement?  Please comment below…

Till Next Time….

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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2 Responses to “Pension Reform And What It Can Mean To You”

  1. Dagmar Wichary Says:

    Pension Reform is well underway. I am a pensioner, and I have been scaled back. Mutual Funds are also losing ground,so what to do? If you are hoping for the best, you can wait a long time. I have joined a Network Marketing Business and love it. I work from home and it is fun. In this day and age everybody needs to have a second income.

    [Reply]

    sigrid Reply:

    Good for you Dagmar for taking positive action!

    [Reply]

    Reply

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