BushtrimmmerJr
Member
As others have said this is slightly off topic but I’ve worked on Final Salary projects for the last 10 years and I’m now just over 30. One thing I wish I could get through to my generation and younger is the need to start saving as early as possible. I see the comparison of Money Purchase and Final Salary schemes a lot and despite my wife and I being on good incomes we’d need to save a significant amount more that we can to get anywhere near that of a Final Salary scheme. For those lucky enough to have FS pensions I’m jealous, especially those that were non-contributory.
My daughter was born in 2021 and we set up a pension that we contribute to each month (only £50) but over 65-70 years that’ll be an additional c.£39,000 without any investment return to her retirement (she will be taught the importance of self saving as well). We also have a savings account set up to help with a house deposit as I wish we had that available to us.
I appreciate this isn’t something every parent can do but I’m hoping that “every little helps”.
My daughter was born in 2021 and we set up a pension that we contribute to each month (only £50) but over 65-70 years that’ll be an additional c.£39,000 without any investment return to her retirement (she will be taught the importance of self saving as well). We also have a savings account set up to help with a house deposit as I wish we had that available to us.
I appreciate this isn’t something every parent can do but I’m hoping that “every little helps”.