When is the right age to start a pension?

HeatherWillDo

I'm 25 and thinking about starting a private pension - I haven't got a huge amount of disposable income to put aside, so I'd only be saving a small amount (maybe £100 a month). Is it worth starting now?

[Deleted User]

Better late than never.

The_Fat_Controller

@HeatherWillDo not sure you'll get much sense in this board "Coronavirus Travel Help & Info"

Perhaps a mod can move it to the appropriate place.

However the answer to your question is ASAP

bargainbetty

Do you already have a works pension? If so, you may be able to increase your contributions on that, making it slightly more tax efficient. 

MSE_Laura_F

I've moved this thread to the Pensions, Annuities & Retirement Planning board. Thank you.

lisyloo

Start ASAP, yes it’s definitely worth doing.
if you have a works scheme then that might be better

Albermarle

HeatherWillDo said:

I'm 25 and thinking about starting a private pension - I haven't got a huge amount of disposable income to put aside, so I'd only be saving a small amount (maybe £100 a month). Is it worth starting now?

It's worth starting a new pension , if you do not already have one with your employer .
Or are you unemployed/student/self employed maybe ?

Grumpy_chap

HeatherWillDo said:

I'm 25 and thinking about starting a private pension - I haven't got a huge amount of disposable income to put aside, so I'd only be saving a small amount (maybe £100 a month). Is it worth starting now?

It's never too early to start making provision for your retirement.
If you have not started yet, then start as soon as possible.

dunstonh

When is the right age to start a pension?

Some parents/grandparents start a pension when the child is born.    However, typically, the minute you start employment or self-employment.  If employed, your employer should have an auto-enrolment scheme available which really helps with "free money" from the employer.

I'm 25 and thinking about starting a private pension - I haven't got a huge amount of disposable income to put aside, so I'd only be saving a small amount (maybe £100 a month). Is it worth starting now?

The earlier you start, the better it is.   If you start at £100pm net, then make sure you include some annual indexation as there are many people that started with decent contributions but never changed them over the next 30 years.  e.g. £30pm was a good net contribution in 1988.  But it is dire now.   You could fill your car up with petrol for under £10.

Stubod

..with hindsight I wish I had strted my pension the day I was born.....back in the day we were told "don't bother with paying into a pension until you are about 30".....but these days the sooner the better!

TimSynths

I started mine at 19 and I think I was at least a year late.