In this episode, Neil dives into Retirement and Pensions for Tutors, and how you too can look at the alternative ways of creating your own personal pension scheme. Securing your financial future and figuring out where your cashflow will come from after retirement can be daunting, but if you invest in property, create evergreen products and venture into long-term asset growth potential, you can beat the pension trap and live a comfortable retirement.

Pension payouts are in decline but opportunities for cashflow are everywhere and today, Neil shares with you his own retirement plan and money pot he’ll be drawing from if he ever chooses to retire.

Remember, learn how to start, grow and love your Tutor Business.

KEY TAKEAWAYS

• Traditionally, you spent a lifetime contributing to a pension scheme either in the workplace or a state pension and at a certain age you retire from work and start receiving payments from the scheme. But here’s the thing:  that model is, if not dead, definitely mortally wounded. It’s Bankrupt system with liabilities that exceed assets and cashflows. This is why retirement ages are being ratcheted up.
• If you have been saving for life after work, and have amassed a big fat pot you can add to that state pension – it’s about £5400 for every 100k in your pot – think long and hard if that’s going to add up to enough income. How many of us have saved 4-500k and can look forward to a comfortable retirement?

What to do?

Either get busy with building a pension pot in a SIPP – self-invested personal pension or – if you are a limited company, a SSAS. Speak to your accountant or professional adviser about the pros and cons of these schemes.

1. Assess situation – get real – your indolence/neglect are coming to bite you in the arse
2. Make a plan – no plan is not an option – consider all options
3. Take action – pensions and retirement were so remote
4. The longer you wait, the harder it will be
5. Have an exit strategy

What Neil Does

“I buy properties – long term growth potential – rental income (reinvest this, it’s not for spending) – a legacy – and I’m helping people by providing homes that are safe and where my tenants have a secure home. I’ve been doing it for a couple of years and it’s been hard work, but I’m seeing decent returns and I’m looking forward to adding to my portfolio for the next 10-20 years.”

BEST MOMENTS

“There’s a world of difference between Getting Old and Growing Up – but only one is optional.”

“The future is coming – for us all. How it goes is a matter of choice.

“What would have given you a decent pension income a couple of decades ago produces only a pittance now.”

VALUABLE RESOURCES

Neil Cowmeadow - Weird Things Guitarists Do

www.Neilcowmeadow.com

ABOUT THE HOST

Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!

CONTACT METHOD

[email protected]