It is good financial practice to save money for a later day, a pension. Many of the baby boomer generation have followed this and saved large amounts of wealth in their savings.
However, the hidden/shadow tax of inflation is slowing robbing savers of their wealth.
What was once a significant amount of money saved for someone to live off for the rest of their life will soon become less than what they need. The time bomb is slowly ticking.
▶️ 3Speak
Indeed pension is also a way of saving for the future and I also want to appreciate you for sharing this post @localgrower.
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Yes, that is the intention of a pension. The current financial climate, sadly, might lead us to a different conclusion.
Thanks for the support!
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I have a pension, and an stock retirement account. I think pensions are more reliable.
@shortsegments
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Historically they have been reliable. The current amount of QE hasn't been thrown at the baby boomers and the resulting loss of savings...yet...
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Thank you for bringing this to our awareness!
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You're welcome! Please share.
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Its better no pay pension? In colombia we are scared with the future of the old people.
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When you contribute to your pension plan, you are giving someone else control of your money and the belief that they can manage your money better for you. Often Wall Street take massive fees which destroy the pension.
Tell me more!
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