How pension pots can make you a millionaire SIPP wealth surges by 20%
A "SIPP millionaire" refers to an individual who has accumulated a portfolio worth over one million pounds in their Self-Invested Personal Pension (SIPP).
Morning Live: Advice on pensions and NI contributions
A "SIPP millionaire" refers to an individual who has accumulated a portfolio worth over one million pounds in their Self-Invested Personal Pension (SIPP).
SIPPs are a type of UK personal pension scheme that allow individuals to make their own investment decisions from a range of assets approved by HM Revenue and Customs (HMRC).
They are particularly popular among those who looking to have more control over their retirement savings than is typically possible with personal or company pension schemes.
Investment experts at Stock Dork have revealed their top tips to become a SIPP millionaire.
SIPP millionaires tend to have a rather diverse portfolio. Often consisting of US markets, UK markets, Gilts and Stocks.
Adam Garcia, Founder of Stock Dork share his 5 top tips for becoming a SIPP millionaire said: "Although getting a million pounds into your self-invested personal pension might seem like a pipe dream, it certainly isn’t impossible with many investors already reaching this milestone.
"There are a number of things to consider if you want to build that retirement pot up to 7 figures."
Mr Garcia recommends to start as early as possible, he said: "It’s pretty self explanatory, but the younger you start contributing to your personal pension the higher the chance of reaching a million by the time of retirement becomes.
"The average age of SIPP millionaires is 63, by starting as early as possible you can potentially lower this."
Adam Garcia's top tips include:
Maximise employer contributions - the more you contribute to your pension, the more your employer will so taking this into account while you are in employment can be super beneficial to your SIPP pot in the long run.
Increase your contributions regularly - the more money you put into your SIPP pot the more there will be to compound and work in the background as you are working.
Invest for the long term - changing your approach from short term to long term can be crucial in reaching millionaire SIPP status instead of concentrating on month to month switch to the bigger picture and look on a more year to year basis.
Invest in your education - the more you learn about the markets and factors in society that can affect these and your portfolio the more you understand what is happening which can guide you into identifying the correct investment opportunities to manage and grow your SIPP.
