When should you start saving for your pension?

When should you start saving for your pension?


However young you may be, it is important to understand the impact that not planning properly for your retirement will have on you and your family. Even if you have just started your working life, it is essential to start thinking about making regular contributions to set you up for the future.

The younger you start to contribute to your pension, the more opportunity you will have to secure yourself an enjoyable retirement.

It pays to start thinking about your retirement options as soon as possible to ensure that you have enough to live on when you start drawing your pension.

For example, if a 25 year old and a 35 year old started saving towards retirement with the aim to retire at 55, the 25 year old could invest £300 a month, while to create the same return, the 35 year old would have to save £803 a month.

You may feel that your retirement is a long way off and that you do not really need to think about it just yet. However, if you look at your pension in terms of how many pay days remain until your retirement at 55, you will see that you do not have long remaining to save an adequate amount.

According to recent figures, individuals aged between 25 and 44 are saving about one third of the amount that they should be in order to support their current lifestyle in retirement. In countries other than the UK, individuals are forced to make sure that their pension provisions will meet their needs in order to live comfortably but the UK are behind in this thinking. However, a good offshore retirement plan should allow you to do the following:

• Reduce / increase contributions — usually after an initial period of about two years.
• Switch investments between different funds to respond to changes in the market.
• Have the option of retiring when you choose to.
• Allow certain access to monies invested after an initial period.
• Be realistic about how much you should be contributing.


Although researching and investing in pension schemes yourself may seem like the best idea, sometimes it is just not practical especially if you are new to investing. You must also consider whether you will have the time and patience to make important decisions about your future.

As most employers here in Vietnam do not include retirement benefits, it is important to not fall behind on your own planning.

I help my clients take positive steps towards achieving their retirement goals.

Visit my website for more information on retirement planning.

So don’t leave it too late, get in touch today and take the first step to achieving financial freedom to live the retirement you deserve.

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