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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.

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