We're Going to Need More Cash.

Whenever the election is called, and regardless of the colour of the chameleon party that wins, the fact is that we are all going to suffer.  Everyone knows that you can't keep on borrowing to sustain an unsustainable lifesstyle.  Sooner or later you have to pay it back.  To do that, you have to make savings or generate more income.  There are no other choices (apart from going bankrupt and that's not an option for the UK government).   So the next government will have to make cuts in expenditure and raise taxes.  This is not theoretical economics, this is housekeeping.  Simple budgeting that every small business owner and housewife understands.

We don't do party politics on this blog and I'm not going to suggest you vote one way or the other, but you should definitely vote.  I just want to point out that, whoever wins the election, they will have to take serious action over the budget shortfall.  That means we are all going to have to pay more and that some of us will lose our job.  That's the stark reality and it's a lot harder to find a new job if you're over 50.

Not many of us have saved enough for our retirement and either the loss of our job or increased taxation are going to make it harder to save anything at all.  However, let's not get depressed about it, let's start looking at our options now and make plans for the future.  We have to look after ourselves and that means we have to look at all possible ways of increasing our income.  We need to make sure that we're paying the minimum amount of tax that we legally can (do you have an ISA?); make the best return on any savings we might have (standard rate tax payers need a return of 4.4% to be ahead of the game); and/or, we need to earn more.  That may mean taking on a second job, perhaps part-time, or starting a small business from home. 

Do it now - before the election.  Retirement Revenue can help you get started.

Be well.