Retirement may seem like a long way off to someone in their 20s or 30s, but it really is never too early to start saving.
A state pension currently pays just over £9,000 a year which for many people is not enough to live on. Research conducted by Unbiased.co.uk found that to have a moderately comfortable retirement with little or no money worries, a couple would need an income of £47,000 per annum. For a single person this would be £33,000*.
As you can see, there is a clear gap between what we are provided with and what we require.
When you invest into products such as a Pension or an ISA, the money will earn interest over time, which will then continue to grow further – it’s called compound interest. Because many financial products are tax-efficient too they come with many further benefits. A pension for example gets at least 25% extra on top of whatever you put in personally (in most circumstances).
Put simply, the earlier you start saving, the easier it is to build up a pot of money to help in the future, whether it’s retirement, saving for a house, or to buy a new car.
We work with you every step of the way through your financial journey to support and guide you and your decisions. Click here to book a no obligation appointment and see how we could help you.
“I had a number of pensions & protection policies acquired over the years, and didn’t understand the investments or reasoning behind previous recommendations. Nick has helped me to tidy these up and invest in solutions that I know are in mine and my family’s best interest. I am also confident that I now have a plan that I can work towards so that I have a financially secure future.”
– Jason, Harrogate