Starting a pension early

We must get our young saving as soon as possible, so that they can have a decent retirement.   The projections based on just starting your pension early are truly staggering, as you can see from this simple graph. In this example saving just £100pm from the age of 25 instead of 35, it will cost you only an extra £12,000 over the plans whole term to 65.  This simple £100pm premium over the extra 10 years more than doubles your final fund (assuming 8% growth) with over £200,000 extra to spend at retirement. Speak with your adviser about Children’s (and grandchildren’s) pensions where they still obtain tax relief on your contributions.  This may just save them take more risk or chase market returns in later life.