It’s never too soon to save for the future

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golden eggDo you currently feel that you lack the time and money to start planning for retirement?

While it may seem like a long way off, it's vital to start planning for the future at an early stage of your career, as we all know how quickly the years can fly by.

New research from Prudential and the Pensions Policy Institute suggests that younger workers could suffer a 20% hit by the time they reach retirement, if they delay making savings into the new National Employment Savings Trust pension scheme.

Opting out of the scheme, which launches next year, could prove costly in the long run, the study highlighted, as smaller tax-free lump sums are likely to be provided to those who don't join up from the start.

Barry O'Dwyer, deputy chief executive at Prudential UK, said: "Auto-enrolment is expected to encourage an extra four to nine million people either to start saving into a pension earlier or to save higher amounts."

Check out this guide if you're keen to make money saving a habit in the new year.

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