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”.
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