When is the right age to start a pension?

Thrugelmir

The earlier you start the more time you have to benefit from compounding. Which ultimately does the majority of the heavy lifting. 

daz378

Was  automatically enrolled  at 35  in my council carer job  21 years ago ...didn't think much of it then...however    makes it a possibility that I can retire in  4...6 years....instead of 12  ...is very reassuring now

pensionpawn

Today! I started when I was 23, and my youngest daughter at 17 through her weekend supermarket job. Three years later and she has £3k3 in her pot.

MEM62

You can't start too early.  If your employer has a scheme, sign up now.  

Brenster

The answer is a massive YES.  I started mine age 38, and i wish i did sooner.  The benefit of compounding interest cannot be underestimated in later years once your pot grows to a decent amount.  If you do a spreadsheet with a 'nominal' growth of say 5% average (i know that may seem high given the current short term climate, but not unrasonable to assume it as an average over the next 40 years !)

westv

I started work at 16. The only real reason I didn't start my pension saving until 25 was because that was the minimum age for my ex employer's DB scheme.
Do any DB schemes still have minimum starting ages?

ewaste

westv said:

Do any DB schemes still have minimum starting ages?

I wouldn't think so given that even Auto-Enrolment includes the right for under 22's to opt in and receive employer contributions if they are over the minimum qualifying earnings. Then you've got the practical issue of actually finding an employer with a DB scheme open to new members that will actually employ someone relatively young other than on an apprenticeship. 

I also started pension contributions relatively late in my 20's, which with 20:20 hindsight is one of the things I would rectify. However once I realised the wider state of affairs with regards to pensions e.g. base contribution rates and lack of DB coverage. I then made the decision to contribute nearly 20% of income to Pensions in addition to my employer contribution. 

draiggoch

I have just started a SIPP for my 14 year old daughter. I’m not paying in large amounts but it is useful as a tool to help her understand the way financial planning works.
I regret not starting it a bit sooner with Fidelity to secure the earlier retirement age.
I want her to have the option of retiring before state pension age which will probably be 70 or more in 55 years time.

GaryxG

draiggoch said:

I have just started a SIPP for my 14 year old daughter. I’m not paying in large amounts but it is useful as a tool to help her understand the way financial planning works.
I regret not starting it a bit sooner with Fidelity to secure the earlier retirement age.
I want her to have the option of retiring before state pension age which will probably be 70 or more in 55 years time.

Similar here.  Started SIPPs for my 2 sons with Fidelity last year when they were 12 and 13.  I've paid the max permitted in for each of them for the last 2 tax years (last year and this new one).  Like you, wish I'd done it earlier.  But what a head start it will give them.

zagubov

I'd do it now.  I didn't manage to join a work scheme till I was 29.
Big mistake.
Had to put aside a huge amount of additional payments for many decades so I could catch up.
Every time I switched jobs they messed up these additional payments.
Every.Single. Time.
In the name of  all you hold holy, sort your pension out now!