People should consider paying into a pension as early as possible.
Research from Brewin Dolphin show that for a target net pension of £20,000 at age 68 – excluding the state pension currently set at £115.95 per week for a single person – 25-year-olds would need to find £790 per month, including their employer’s contribution.
However if the employee waited until they were 35, the monthly payments would be £1,145, and ten years later it would cost £685 more per month.
Starting a pension savings plan may not be top of your priorities, but you may be surprised how much of a difference starting earlier could make to your future – and you should consider the risks of delaying your pension contributions.
Please use our Pension Calculator to get an estimate of what contributions you need to pay to achieve your goal in retirement.
Source: Brewin Dolphin
For bespoke pension advice contact Credencis.
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