Retirement Planning growing plant

There is an old Chinese proverb that states “The best time to plant a tree is twenty years ago; the second best time is now.” This proverb could have been written about pension saving.

There is no doubt that the sooner you start contributing towards your retirement the better your retirement will be. More than any other form of savings, pensions benefit from significant tax breaks which will help your savings to grow quicker.

 

Also See:

Personal Pensions Annuities Income Drawdown Cost of Delay

Phased Retirement New Rules About Pensions Compound interest

A Day: Everything's changed!

In April 2006, the government simplified the pension contribution process, Industry insiders dubbed these sweeping changes as A-Day. So what does it actually mean?

Previously, your contributions would have been limited to a percentage of your earnings, now there’s one rule for all, which is of particular assistance to people in the 20 to 40 age bracket that may have put off investing in a pension.

These groups can now put in larger sums later, instead of saving modestly, without being penalised for doing so. Remember, however, that the benefits of saving early can be substantial.

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