All About Pensions Plan

Saving for retirement is an important consideration for most of us, although how much effort are we really putting in to ensure we have the funds to support our desired future lifestyles? You might think you haven't the time to plan for a future that seems so very far away, or perhaps you equate retirement with old age – something you'd rather not think about at all for as long as humanly possible?

But with life expectancies increasing, and retirement ages currently at 65 with only a probable rise to 68 in the near future, you can expect to live as long in retirement as you will in your working life. You can also look for united kingdom pension via

And with health services and medical treatments also improving, you can even look forward to that time being a healthy and active period, full of opportunities to fulfill those dreams you've harboured while sitting at your desk on another Monday morning. 

But will you have saved enough during your career to enjoy that long period of fun and relaxation? Pensions can seem complex and uncertain saving schemes that can easily be put on a backburner for more pressing financial commitments such as your mortgage or just monthly bills. For young people particularly, there are all sorts of reasons for delaying.

Young people, saving pensions' – many people in their twenties assume that pension saving is for those over 30, and that there is 'plenty of time' to think about their retirement funds once they're a bit older.

The research also revealed the practical barriers facing young people, wth many 18-25 year olds saying they could not afford to pay enough into a pension to make it worthwhile. Others had concerns over the 'locked in' nature of pensions – that they would not be able to access their money until they have retired and that they might even die before they could enjoy the benefits of all that hard saving.

These concerns are all reasonable. But if you consider the potential opportunities for saving earlier and reaping the rewards later, you might change your mind about your pension.

The pension table below will give you an idea of how much pension income you might earn if you start saving at various ages from 21 to 50. The resulting figures may seem depressingly low, but remember that inflation has been taken into account, so the income relects how much buying power you would have in today's money.

Saving £100 or more from the age of 21 may seem impossible, but with many employers offering some level of contribution to your pension, you may find that you can put more money aside than you thought. Even if you can't afford terribly much until you're older and earning more, any contribution you make from as early a stage as possible will make a difference and it will set you off in the right frame of mind to save wisely throughout your career.