bluethrunthru
Well-Known Member
Save from 21 to 30, then stop. You will have a bigger pension than a saver who starts at 30 and stop at 70. The miracle of compound interest, Einstein's 'eighth wonder of the world’
Read this article from the Telegraph.
http://www.telegraph.co.uk/finance/...or-10-years-pays-more-than-saving-for-40.html
It illustrates why putting off saving for a pension is completely the wrong thing to do.
Another article making the same point here.
https://uk.scalable.capital/investing-retirement/how-a-10-year-saving-scheme-can-replace-a-pension/
I am in the fortunate position to have been in a pension scheme since the age of 17 - I am now 56. Working in Financial Services sector means its always been a good deal -I was in a DB scheme right up until the turn of this year when my employers eyed up the main chance and cut to a DC scheme but its still a pension. Don't mean to sound smug but having seen the growth over time of my pension investments I can see why this would make sense though I'd urge people to keep saving beyond 30 anyway. Its a good habit to have.
Funny thing was compulsory enrolment into a DB pension scheme at 17 seemed like robbery - they were taking beer tokens off me !!! As you grow up and older you realise what a favour has been done for me.