Start saving early, warns Saga
March 26, 2007 by admin
Filed under News, News-Banking
Young people are being encouraged to start banking their pensions early or risk a tough time when they hit retirement.
Over-50s advisor Saga says that youngsters should be putting money aside as soon as possible by using tax-efficient savings tools and watch what they spend.
Spokesperson Steve Ashton said the sooner people begin saving their money for retirement, the less pressure they will have on them to put cash away in later in life.
He added that it would leave people less likely to get into financial difficulties, such as having to re-mortgage their home.
“Everybody ought to every year be trying to put as much money as possible into the basic tax-efficient savings vehicles, such as your annual ISA allowance,” he said.
“[It's] all very straightforward stuff, but if you are putting a few thousand pounds every year for a number of years into an ISA, then that over ten, twenty years can really start to ramp up and make a significant difference to your retirement income.”
