According to recent research by stockbroker firm Comdirect, one in four people do not know when they should be starting to save for retirement in a pension. Eleven percent of people surveyed even thought pensions were not worth taking out.
Pensions have had a raw deal over the years but there are still many valid reasons for taking one out, and paying in whatever you can afford. As everyone knows, people are living longer into retirement and this means they need more money to live on. The sooner you start saving, the more you should build up and have a higher standard of living than the Government's 'subsistence allowance'.
With the introduction of Stakeholder pensions, paying in can start as soon as you are born, with no need to wait until later on.
The message is for people to take responsibility themselves. Do not rely on the Government to provide for you in old age. Who knows what the State will provide in years to come?
To learn about pensions, how much you could save, how much you could get back etc visit the Pensions Adviser.com or the low charges pension plan site the Stakeholder Cafe.com.
Why not try our range of calculators to see how much you should be saving and when.
If in doubt, get in touch for advice.