At what age should you begin a pension fund?

[BrolySSJ]

Basically a pension fund is the income that you will get when you are older and you are not working at that time and it is necessary in order to sustain you and meet your financial needs of the course of a month. The reason why I say over the course of a month is that it is generally paid out on a monthly basis similar to how a salary is done and then you use that money and wanted to pay for any living expenses or other expenses that you may have.

However what is an appropriate age in order to begin making or funding a pension fund? The reason why I'm asking this is that the Logical thing would be to start putting aside money into a pension fund as soon as possible in order to ensure that you have sufficient funds at the later stage in your life and that you can live comfortably at that point. Is it possible to begin a pension fund at an early age before you start to work?

 

[Adetayo100]

Take the age you start your pension and halve it. Then put this percentage of your pre-tax salary into your pension each year until you retire. So someone starting aged 31 should contribute 17% of their salary for the rest of their working life.

 

[Ellozyy]

Take the age you start your pension and halve it. Then put this percentage of your pre-tax salary into your pension each year until you retire. So someone starting aged 31 should contribute 17% of their salary for the rest of their working life.

Wow.. That's definitely a good idea.. It never crossed my mind. Maybe I should also begin this practice

 

[Eodine]

Since pension fund is a savings for retirement, it's best to start early after you have a stable source of income so you might even retire early and start reaping what you have sown over the years of hard work

 

[BrolySSJ]

Since pension fund is a savings for retirement, it's best to start early after you have a stable source of income so you might even retire early and start reaping what you have sown over the years of hard work

Exactly my thinking as well. The earlier you start the more that you have for later on as well which I think is very good. However do you think that there are private schemes that you can take out from a young age or do you have to be employed in order full time in order to have a pension fund that is in your name?

 

[Bholozy]

It is not about the particular year, it's when you start getting stable income. If you are not earning there is no way u can save. If you start earning early its best u start saving like 10 or 12% of your income for retirement purpose but in case you didn't earn early then it will be best u contribute more than that percentage

 

[Eodine]

Since pension fund is a savings for retirement, it's best to start early after you have a stable source of income so you might even retire early and start reaping what you have sown over the years of hard work

Exactly my thinking as well. The earlier you start the more that you have for later on as well which I think is very good. However do you think that there are private schemes that you can take out from a young age or do you have to be employed in order full time in order to have a pension fund that is in your name?

There are private firms firms that open a pension account once you're being employed with them and I think i have also head of some private firms too like axa mansard tht allows you to open a pension fund all that is required is a means of income and that the person is of the legal age according to their terms and conditions

 

[BrolySSJ]

Since pension fund is a savings for retirement, it's best to start early after you have a stable source of income so you might even retire early and start reaping what you have sown over the years of hard work

There are private firms firms that open a pension account once you're being employed with them and I think i have also head of some private firms too like axa mansard tht allows you to open a pension fund all that is required is a means of income and that the person is of the legal age according to their terms and conditions

It makes sense that they need to be of legal age as entering into a pension fund is a legally binding scheme and document as well, so you will be able to have the knowledge to enter into that. This would then not be possible for part-time workers as they do not have a constant income source that is being paid to them every month.

 

[Taimoor Jutt]

In govt sectors there is 60 years age limit for service and at least 25 year period should be a service. But
If you want to retire early then you need to start early, it means at young age you start and save your some percentage and at the end get those. For this there are insurances we can pay the insurance and get after the said period.

 

[Sheun450]

One should try as much as possible to start on time cos we can only make while the sun shine and come to think of it pension is the money we will enjoy afterwork so one has to start saving it on time in order to have enough more

 

[Donkiz]

Government workers and employees of some big organizations starts their compulsory pension contribution from their first salary. It's equally good to set up a personal pension fund within the first six months of working, where you make monthly contributions towards your retirement.

 

[kayode10]

The ideal time you can start your pension programs is early twenties. This should be at 24 years when you have started working at a big corporation be it public or company. You should look for prominent pension scheme that has good track records and join their program that suits your plan. You can book an appointment with their sales representative for further explanation.

 

[Sammyesx]

If you intend having a personal pension fund then that is a good ideal, it Wil definitely help when you retire, you won't need to rely on anyone. but as a worker the organization is in charge of that.

 

[Samuel77]

According to my own point of view, you can begin your pension fund at any age. But it is best for you to start at the age of 35. As for me I will prefer starting my pension found at the age of 35. Because at this point you know you are now good to go

 

[Rashid]

I think you should do this as early as possible, but start too early will give you some sort of practice how to earn much and save how much %age. So if you earn at 20 then start from that age by this you will be familiar to your condition. And later it will help you in a right way.

 

[Kamon c4]

Starting a pension scheme at a very early age is advisable. Retirement age for most employees is 60years and starting at 25 will help a long way after retirement. It’s advjsale to start a pension at 25 and make sure 10% deductions on monthly income goes to your pension account.

 

[Hamza1999]

Automatic enrolment only applies to workers aged 22 or over. But if you're younger, as long as you're earning £6,240 or more (in tax year 2020-21), you can still opt in and benefit from extra money from your employer.

 

[Dowenship]

I believe that pension fund should not be limited to age, a new born child can start pension fund if the parent ate financially enough and truly have vision for the child. So no are is limited to pension fund ass far as I an concern.

Stay humble and stay focus, to succeed in life.

 

[Profuk57]

I think if you want to have a good retirement with a large pension starting to save your pension at an early age is the best thing to do I would prefer you start saving for pension when you are at least 18 years of age or any time you have a proper paying job.

 

[joy101]

Depending on the time you starting to work from there them will start counting it from you till 35 years of working, then you get retired in government workers you will work for 35years before retired. Then them started paying pension.

Post automatically merged: Feb 2, 2021

Depending on the time you starting to work from there them will start counting it from you till 35 years of working, then you get retired in government workers you will work for 35years before retired. Then them started paying pension.