Will a Pension Be Enough?
While doing some reading today I came across the following comment posted by the Canadian Press on May 7, 2008: "The typical pension plans being offered to Canadians 'will not contribute meaningfully to an adequate retirement income', an organization of pension professionals warned Wednesday. The Association of Canadian Pension Management said it does not necessarily favour traditional employer-guaranteed defined-benefit plans, but is advocating for a level playing field." This same problem exists in the USA and is the main reason for Robert Kiyosaki and Donald Trump's book Why We Want You to be Rich.
The article says that only 25 per cent of people working for private employers have a registered pension plan of any sort, and employers "seem increasingly reluctant" to offer even defined-contribution plans, instead favouring group registered retirement savings plans or no plans at all. The Association of Canadian Pension Management believes that 'this lack of coverage is not in the public good as an employee whose employer chooses not to offer a retirement savings plan is forced to rely on his/her own skill set and motivation for retirement savings'. Unfortunately, this likely means that most people will be gravely disappointed when they reach retirement and cannot live the lifestyle that they had been expecting. Many people will find that they cannot fully retire even if they do not continue in their present job.
Kiyosaki and Trump believe that the solution to this problem is for people to learn business skills that will allow them to earn more money with less time and effort expended. They have a number of suggestions that fall under two general categories; investments or a business system. Under investments fall real estate, paper (stocks, bonds, and the like). Business systems refers to businesses that are set up in such a way that the owners presence is not required for the owner to make money (at least not continuous presence). Suggestions here include developing your own unique system, purchasing a franchise, Internet marketing and multi-level marketing. Both the investment and business system strategies require learning more than the basics if one wants to be successful.
Investments, Internet marketing, and multi-level marketing are the best choices if an individual can only work part time at a new venture while continuing with their full-time position. With investments, people are in their own, or can pay for costly courses to "learn the ropes". Good Internet affiliate marketing and multi-level marketing systems, however, have built in training programs for the people who join. It is inherent within these systems that the people who sponsor a member (upline) are only successful when their downline is successful. So these people are willing to work with new members as long as they have to.
Whatever retirees or those planning for retirement choose for their future is completely up to each individual. But for most it is clear that something must be done to ensure a standard of living and a quality of life that a lifetime of work should provide.
Mark Styranka is the owner of Exciting Destiny.com. He writes on a variety of topics but primarily relating to money making secrets for the stay at home business. To learn more about how you can work & stay at home, Mark recommends that you visit: http://www.ExcitingDestiny.com
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