Money News
7th August 2008
Brits urged to start pension plan early
Britons have been urged to start saving for their future as soon as possible or face the prospect of a grim retirement.
Legal & General has issued the advice after research it conducted found that for a consumer to achieve a pension income of £20,000 per year starting today at age 25 they would be required to put aside £205 per month.
However, delaying paying into a pension plan until the age of 35 would leave them having to find £423 per month - a feat currently made more difficult by the soaring cost of living.
Adrian Boulding, wealth policy director at the firm, said: "When you are 25 or 30, retirement seems like a long time away but if people begin to save even a relatively modest amount they can look forward to a much more comfortable retirement.
"By starting your pension early you can reduce the risk of having to pay larger sums in later years, just to retain a reasonable quality of life."
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