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You are successful. You work hard. Yet you wonder....
Traditional plans rely on you having a significant capital base, and perhaps an older style defined benefit pension plan that simply no longer exist. They fall short in the areas of time, capital sufficiency and returns required. They did not account for people living 25 to 30 years past retirement, instead of only seven to 10 years.
Academics have said recently that we should be putting away 25% of our gross income if we want to have enough for our retirement. So answer this: how is that possible when 40% of our income goes to income tax and 30 to 40% goes to interest on debt (the bank tax), leaving you with only 20 to 30% for living expenses and savings?
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