Many people delay joining a pension plan until well into their working lives.

We have come across a very useful calculator to show the cost of this delay in terms of the higher pension contributions that must eventually be paid to ensure an adequate retirement income.

We find the levels of contributions required for individuals who start saving late are so high it is questionable whether they are affordable for anyone not on a high income.

Tip:

-Please ensure that there is a minimum of 10 years between the age you are now and the age you would like to retire. The normal minimum retirement age by 2022 is 67 (Brandon, 2022)
-The earlier you start saving for your retirement the cheaper it will be in the long run mentally and financially. Remember, money can't buy time!

https://www.unbiased.co.uk/cost-of-delay

financialtips101 #sustainablefinance #investmentstrategy #investments

References:

https://www.unbiased.co.uk/cost-of-delay

Brandon, E. (2022, January 24): The Social Security Retirement Age Increases in 2022, US News & World Report, United States of America: https://money.usnews.com/money/retirement/social-security/articles/the-social-security-retirement-age increases#:~:text=The%20Social%20Security%20Retirement%20Age,2022%20%7C%20Social%20Security%20%7C%20US%20News (last accessed 01.02.2022)