People often neglect saving for retirement when they start working, and regret it later. There’s no doubt that starting a pension early makes a considerable difference to what you may expect to receive in retirement.
The new flat rate state pension starts in April 2017 at £144 a week, single rate and taxable, plus inflation rises between now and 2017. Is this enough for you to live on in retirement? Pensions may lack flexibility, but they are still the cheapest way of saving for retirement. They benefit from very attractive tax breaks and contributions from the employer can be added with the government’s ‘NEST’ scheme.
Making the most of what tends to be the peak of your earnings.
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