Cost of Pension Savings Delay

May 25th, 2017

The Sunday Times highlights the cost of putting off saving towards your pension. Taking into account the flat rate state pension (just under 160 per week), you need to amass a fund of 360,000 by age 68 in order to have a retirement income of around the national average of 27,000 per year. To accumulate that sum, you need to save 262 per month every year starting at age 25 – but if you don’t start until age 35 and that rises to 437 per month and at age 45 to a massive 794 per month. The message, says the Sunday Times, is start saving early and top up whenever you can.