Re: Help Is it too late?????!!

sjane2008

Hello there,

I don't know anything about pensions so need some desperate advice! I'm 27 and 28 this year. I currently earn £25k a year and have no pension. The company I work for doesn't offer one but can offer advice if you want to take part in one?? Which is the best to join (i know nothing!) and how much Is right to put by!!

Now starting to panic!

Thanks greatly

xx

dunstonh

The company I work for doesn't offer one

they will have to from 2012 but thats still 4 years away.

Which is the best to join (i know nothing!)

There is no one best plan. It depends on amounts, how you want to invest, how you intend to purchase etc.

and how much Is right to put by!!

Like any saving/investment plan, its only as good as what you pay in to it. So, you need to decide what you want in retirement than calculate back how much you need to pay to get that.

Now starting to panic!

I wouldnt start worrying yet. Your state retirement age is 68 so you have just over 40 years to put money aside. Starting now does make it easier than in 10 years or 20 years time though.

MikeJones_2

It makes common sense to start planning for your retirement as early as possible. The simple fact of 'having a retirement plan' is important.

As many competent commentators on these forums frequently enthuse, retirement planning doesn't always revolve about contributing as much as you can into a pension. There are many factors to consider.

An article which might interest (or alarm) you:

Retirement cost to hit £1 million for those over 100 (Telegraph.co.uk)

and

Life Expectancy Tables

Have fun in planning, take an active interest and regularly review your retirement routemap.

Oh, and make an appointment with an Independent Financial Adviser. A good adviser will give you advice and assistance that you would probably never have considered on your own.

Mike Jones

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.