Change Our Attitudes – Pension Are ‘Long Term Savings’
If you are in your 20s or 30s, pensions and retirement seem such a long way off. You have immediate concerns like saving for a deposit, mortgages, rent, car finance, family. Pension is the last thing on your mind.
If you/employer are paying in just the minimums into work place pension then you pay 4% net, 5% gross and employer 3%. Say £15,000 earnings lower threshold = £6,240 = the means just £8760 threshold earnings X 5% = £36.50pm you and £21.90 employer = £58.40pm
It is time to change your attitude towards savings.
We suggest you ALWAYS break the amount down that you can afford to save into 3 areas.
THEY ARE ALL AS IMPORTANT AS EACH OTHER.
If you are in your 20s and paying £400pm car insurance and £200pm car finance and not saving a penny – you need to revaluate your position. Drive an older car with 3rd party insurance cover only and save for a rainy day.
The importance of changing attitude to your savings is paramount.
“Live for today with one eye on tomorrow”.
This site makes use of cookies to personalise content and provide certain functionality. Our site will not function properly without it. The financialadvice.net cookie only retains the session id, we store no personal information in cookies. For more information please read our Privacy Policy
If you're unsure about cookies, what they are and how to protect yourself from harmful cookies, please see our Cookie Set Up information page.
OK