Delaying pension 'can cost half of savings'
www.moneynews.co.uk > Pensions > Delaying pension 'can cost half of savings'
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Money News |
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Delaying pension 'can cost half of savings'
Mon 18th Jan 2010
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Consumers who contribute £200 a month between the ages of 25 to 65, with a rate of five per cent gross, can amass as much as £300,000 by the time they retire.
However, individuals who start saving aged 35 will have a final nest egg of £167,000, almost half of what they could had amassed if they had started a decade earlier.
In order to end up with the same £300,000 pension, they would have to increase their monthly investment to £360.
Gemma Stanbury, head of savings at Confused.com said: "Compounded interest means that the earlier you start, the easier it is to build up a substantial savings pot for the future."
Keeping on top of credit payments is essential for consumers to have a healthy bank balance in the mean time, with the price comparison site estimating that as many as one in five British adults have had their accounts closed due to non-payment.
Click here for more pensions news
Related News : Pensions |
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Related News : Confused.com |
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