A recent study by the Transamerica Centre for Retirement Studies, taken up by UK experts, suggests that, if you are in your mid-thirties, you already need to have twice your annual salary sitting in your pension pot, if you wish to enjoy a similar standard of living in retirement as to that which you enjoy now. But how does owning an Aspray franchise change this thinking on retirement income?
The American study’s news has caused dismay in some quarters, with many 30-somethings currently struggling to pay rent or mortgages, afford childcare, or settle debts and student debts. Yet, focusing on the money that can fund your lifestyle in retirement is important. Just 17 months ago, in December 2017, it was said that one-in-four Brits return to work following retirement, to support their lifestyle. The phenomenon known as ‘unretirement’ is a real one.
Currently, one-in-three people in the UK will have to rely on a state pension when retired. 31% of us have no private pension. Those relying on defined contribution (DC) pensions, subject to the stock markets ups and downs, have uncertain futures. Two-fifths of DC pension holders have less than £5000 in their pension and only 12% have the more realistic figure of £100,000 in their pot, to fund a decent retirement future.
Franchisees controlling their own retirement income
Here at Aspray, our franchisees are really taking charge of their retirement planning by building up a sizeable pot of money that they can either live on, or put into a variety of financial savings options, or both. Some have already recognised that they have fallen behind with pension planning and so are doing something dynamic about it, by creating a very profitable business that is building up the sort of sums they will need to finance their dream retirement lifestyle.
Everyone defines the latter in a different way, so some franchisees are going all out to maximise the Aspray franchise opportunity to the full, whilst others are taking it at a slower, but still highly effective pace. All those following the model’s guidelines are reaping the rewards of having invested in not just a business, but their financial future too.
What can be earned for retirement with Aspray?
Whilst we like to play down the earnings potential of Aspray’s franchise opportunity to some extent, as we know that hitting the model’s projections requires a lot of application and hardwork, especially in the first few years, it is more than fair to say that some of our franchisees are well on their way towards their first million turnover. It is probably also true to say that many have built up more for their pension pot than they could probably have done in a salaried role. Many are making up for lost time with their retirement planning, even if that was not the original intention when starting their loss assessing franchise business with Aspray.
We say this, because most of our franchisees wanted to take up our professional franchise opportunity so as to have a new challenge, or escape a job with few prospects, or just earn a lot more than they could otherwise do. Whilst building up a ‘pension’ is not often the main reason for becoming an Aspray franchisee, building up a pension becomes the outcome achieved by many of our entrepreneurial franchisees. And, there are a quite a few of our franchisees, who were in their 50s or older when starting their franchise, for whom retirement planning was key and these individuals have achieved their retirement goals. Some are still with us and some have already sold-on their territory, to have the retirement that they planned.
What we can also say is that our opportunity has not just given some franchisees the required income for their retirement but facilitated much earlier retirement than they could have expected if they had carried on doing what they had done previously. For many, that is one of the best outcomes of all.
If you wish to start planning for your retirement, or early retirement, the Aspray franchise model may be one to consider, if you are used to project management, have an organisational or Forces’ background, or are a professional wishing to deploy skills that match our opportunity in a way that brings in more income. Visit www.asprayfranchise.co.uk to find out more or call us on 0800 077 6705.