im 24 and i knw its a bit early but i wanna knw abt saving 4 a pension?

Question

whats da best way 2 save 4 a pension should i go 2 a bank or some other company and open something i dnt wanna be struggling on like 100 pounds a week

Answer 1

It is not too early to start looking at a pension! Starting now is the best thing you can do, because anything you put in now is going to be worth 3 or 4 times as much as it would if you put it in 20 years from now.

I don't know the British rules, but talk to a financial planner about what vehicles work best in Britain. There may be various tax free methods that work well. And understand the rules about what you can take out for. Some types allow you to borrow money, essentially paying yourself interest down the line to buy a house or other key events.

A bank can be a good starting point, at least educate yourself as to what they have available. I'm sure they will be happy to provide the brochures of their products. Some would have them online.

Answer 2

ABSOLUTELY not to early... should of started years ago !!!

Depending upon how much you want at retirement you can go to "msn money central" and use their calculator to determine how much you need to put away for how many years you have till you need it. It will be under the "savings calculator". I recommend that site to all I tutor.

Since you are talking about pounds be sure the calculator is giving you pounds answers or just assume it is in dollars and you can divide almost in half.

Does your banking system / financial advisors offer IRA like they do here in the states? If so then once you figure out how much you need to be putting away each week, get it all into one of those accounts. Keep in mind an IRA is simple like a empty pail... you need to put something within it. A mutual fund is great for diversity and since you are just starting out, a financial advisor will answer any questions about which mutual fund is right for you.

Keep in mind... NO employer is responsible for YOUR retirement... you must take care of it on your own and make it happen for no one cares about your future..BUT YOU SHOULD !!

Happy Investing !!