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14-Feb-08 10:42 [Pensions]
People should start saving "sooner rather than later" Those looking to retire earlier than the national retirement age ought to beginning saving as early as possible, it has been claimed.
Research from Standard Life suggested that saving a smaller amount from an earlier age is expected to provide a larger pension pot than saving larger sums later in life, according to the Daily Telegraph.
Graham Vidler of Norwich Union told the newspaper that people who do not start saving "sooner rather than later" could potentially miss out on this kind of growth.
"You will also be losing out if you haven't joined your employer's pension scheme, if they put money into your pension if you do - this is effectively free money," he explained.
Meanwhile, Jason Clarke, spokesperson for Halifax, recently said that it is "worth thinking about long-term savings in terms of pensions".
According to Age Concern, the number of people working beyond the age at which they can draw their pension is set to increase from 11.4 million in 2006 to 12.2 million in 2011.
The Pension Protection Fund (PPF) could be put under a large strain should the situation surrounding Woolworths deteriorate further, it has been stated.
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Nearly 1.7 million pensioners were relying on their property to fund their retirement, a recent study has revealed.
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Conservative leader David Cameron has stated his intention to increasingly move towards defined contribution pension schemes in the public sector and not final salary programmes, it has emerged.
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