Pensions – is it ever too early or too late?

Travel, relaxation, great experiences, fun. They’re high up on everyone’s list of what they want to enjoy in life. We’re not usually thinking about the future while we’re enjoying them – but if you want to enjoy your entire life, it’s wise to start saving for a pension as soon as you can.

The Crystal customer survey found that 25-34-year-olds are generally less concerned about thinking ahead. Planning for retirement may seem like a ludicrous notion when you’re in your 20s.  But the sooner you start a pension scheme, the more time your money has to grow – and the more you’ll be able to enjoy your later years exactly as you’d like.

In early adulthood, it’s normal to focus on what we want for our careers. We don’t usually expand our thinking beyond that to the end of our working lives. Why not? Surely, we want fulfilment during those years too.

Think about what kind of life you want – all of it – and work backwards to see how much that’s going to cost you in savings today. This is a great exercise to motivate you to begin planning for your future.

Consistency is key too. Research reveals that women who have children freeze their pension during childcare years, reducing its value and potential. Again, when having a family, we often don’t think beyond that time. So Pensions – is it ever too early or too late? , when you’re planning to feather the nest, factor in organising your finances to keep your pension active and growing.

It’s in the 40s and 50s that thoughts of pensions become more pressing. But if you haven’t considered it until then, don’t worry. It’s not too late to start. Don’t waste time on guilt and regret. Just focus on catching up. Put away as much of your income as you can, 20% is ideal.  

Whatever your age, circumstances or pension situation, Crystal can help put you on the right track to enjoying those later years. We’re trusted experts and we believe it’s never okay to get bad advice. Get in touch for a free no-obligation consultation – and see how we can help you enjoy a sweeter, better future. To speak to the pension team call us on 01270 444066.

Crystal Legal Services Ltd, Gawsworth House, Westmere Drive, Crewe, CW1 6XB.

Crystal Legal Services Ltd is a claims management company Authorised and regulated by the Financial Conduct Authority.

Company registered in England and wales. Company registration 6837474. Registered office: Fairfield House, Back Lane, Spurstow, Tarporley, Cheshire, CW6 9TE.