Suppose you earned ?24,000 a year

and got ?2,000 of it every month. You'd spend what you had to each month and budget for those bills which are annual lumps rather than spread monthly and so on.

Now suppose instead you got ?3,000 of your salary every month for the first eight months, then nothing for the last four. What would you do different?

Answer, you'd probably put some away each month of the eight to fund yourself through the last four.

That's effectively what you're doing with a pension. It's never too late to start but if you start before you're 30, even with quite small contributions, you'll make a big difference when you do retire. Don't take my word for it - do the maths :-)

Posted By: Old Man on March 19th 2014 at 14:28:16

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