The AwesomPension project has been created to solve the problem of the not being able to save for retirement that is now faced by the late boomer, the Millenial and the Tic Tok generation. With bold moves towards greater uptake of gig economy jobs by society at large, with commensurate low wages, the ability to surrender $200 / $300 for the future is much reduced. Added to the constant layoffs which eat into savings a new way of doing pensions is required. This is Awesom Pensions. Awesom Pensions helps users save for their personal pension from as little as $50 per month for a 20 year instead of 40 plus year period, whilst leveraging DeFi in the form of Aave to achieve a 2% monthly return. The result is a much stronger pension product than say a high street / main street pension fund This model also makes it feasible for Awesom Pensions to help out in Emerging economies where earnings are lower and the need is commensurately greater. Without DeFi in the form of Aave, this platform would simply not be possible because of all the hurdles involved in cross border pension services, however with DeFi, London standards of pension performance can be readily and easily exported to market stalls in Laos alleviating the need to store vital funds for later life insecurely under the bed.
How It's Made
AwesomPensions has been built on the Ethereum platform using solidity as the smart contract language and using the Aave borrowing and lending contracts. The model utilises a configurable Investment Strategy, which issues investment schemes to the individual Pension Pots on request. A chain external daemon is used to trigger investment scheme retrieval and execution by the Pension Pot.