Did you know that many pension funds invest in arms, fossil fuels and tobacco? In the UK, much of the £2.6 trillion invested in pensions contributes to destroying the Amazon rainforest, and investing in factory farming and fast fashion. There’s a great post on investing in vegan companies like Veg Capital.
Be careful with equity release plans (where you sell your property to a company to release part or all of the money). If you consider these, go to debt charity Stepchange, their experts can provide free and unbiased advice. You’ll get to the know the benefits and risks, find a free online calculator, and get taken through possible options, if you decide to go down this avenue.
Alternative Ways to Build a Pension
There are alternative ways to build a pension, beyond working till you drop, then sitting on a portfolio of unethical oil and weapons companies. The pension industry is huge, and so complicated you often need to hire someone to sort it out. But are there different ideas?
- The People’s Pension is a large master trust workplace pension, with over 4 million members. It has a £500 set-up fee (or £300 through a business advisor) and includes simple management charges, and a UK contact centre.
- The Pensions Advisory Service offers free & impartial advice to people with personal or workplace pensions.
- If you’re good at DIY, Helping Hands has jobs for retirees. You could help people with simple jobs or even move in as a live-in carer.
- Equity Release is when you release part of the money from your home, to a company who get it, when you die. Problem is that they charge a fortune. Debt charity Stepchange offers free advice, from a trusted organisation that has your best interests at heart.
- Taxvol offers free advice for people over 60. You must be over 60 with an annual income of less than £20,000.
- Playing with Fire (stands for ‘financial independent, retire early’) is a book by Scott Rieckens, who had the dream life of a happy marriage, a 2-year old daughter, membership to a boat club and a BMW in the drive. A successful entrepreneur, he felt depressed and overworked to fund his family’s beach lifestyle. So 3 months later he quit his job, convinced his family to leave home and cut their expenses in half. At a time when consumerism and depression are skyrocketing, this is one family’s journey to a simpler happier life.
- How to Retire Happy, Wild & Free gives you life advice that your financial advisor won’t. Put money in its proper place, so you don’t need a million pounds, to enjoy your later years, and follow your own dreams, instead of someone else’s. Take charge of your mental, physical and spiritual health, as much as financial. Includes a ‘get-a-life tree to help you decide what makes you tick.
The Retirement Handbook is a guide to making the most of your new-found freedom. Retirement is a fresh chapter, another adventure and permission to try something new. It’s also a great time to take care of your health, your money and your everyday happiness.
This is the essential guide to your new life of opportunity, relaxation and enjoyment. Whether you’re in need of inspiration for holidays and hobbies, or tips on staying active, mentally sharp and emotionally fulfilled. This practical and insightful guide is perfect for any newcomer to full-time freedom.