When should you start saving for your retirement?
As the UK state pension continues to fall in relative terms the ongoing push to see more and more of the UK population take out personal pensions goes on. The UK government has been pivotal in an attempt to re-educate the UK population regarding pension plans and long-term tax efficient investment vehicles as a means of reducing the state's potential liabilities in the future. So when should you start saving for your retirement?
There is no simple answer to this question because when you are younger, free money may well be hard to come by, although as you get older your income should increase and leave some money for long-term investment. In theory, the longer you invest your money, i.e. the sooner you start investing, the longer your money has to appreciate in value whether you take a high risk, low risk or balanced approach to your investments.
As you near retirement age there will be various issues to look at and various tax allowances to consider to ensure you get the most from your money. It is therefore vital to take regular "financial health checks" by seeking advice from professional investment and tax experts who may be able to save you more money and realign your investments in a more productive manner.
Share this..
Related stories
Those affected by new 50% tax band could double in 10 years
In a move which many in the markets have missed it was revealed that Alistair Darling has no plans to increase the £150,000 level at which 50% tax applies in the future. Usually, as we have seen in the past, tax allowance bands are increased in line with inflation reflecting the relative value of wages in the future compared to now. However, as the Treasury has no plans to increase the £150,000...
Read MoreEU regulations to hit hedge funds
A raft of EU regulations which are set to become law could lead to compliance costs of around £1.2 billion for hedge funds in the first year. It is thought this could fall to around £1 billion the year for the industry in every subsequent year as the regulator gets tough with hedge funds, which many believe were one of the elements behind the collapse in the worldwide money markets.
Read More
Last Housebuilder Relegated From The FTSE100
In a sign of the times there are no housebuilders left in the Blue Chip share club, the FTSE100, which contains the elite of the UK business world. The relegation of Persimmon to the FTSE250 was the last of the housebuilders to leave the FTSE100 with Barratt Developments and Taylor Wimpey recently biting the dust.
While the move was fully expected there are short term repercussio...
Oh how the mighty RBS has fallen!
Royal Bank of Scotland is believed to be in talks with a number of parties regarding the sale of assets worth up to £3 billion. Predominately consisting of the company's Asian market exposure, Royal Bank of Scotland is in talks with HSBC and other banking institutions with a likely announcement due soon to confirm the company has shed more assets to concentrate on its UK operation. Oh how the mig...
Read MoreThe OECD hammers UK hopes of recovery
The Organisation for Economic Co-operation and Development (OECD) has this evening stuck the knife into the UK government with a downward revision of its forecast for the UK economy in 2009. At a time when the UK economy has seen more upbeat statements over the last couple of weeks than over the last 18 months it seems as though the OECD does not believe the recession is over as yet.
Read More