Is it still fine to start a pension at age 40?

[chicnthin]

My mother started paying her contributions kinda late. It was on her 50s so we wouldn't be expecting much on how much she would get once she's done paying. What I am saying is you could still pay at late but do manage your expectation on what you're gonna receive.

 

[Joseph555]

The best time to start pension is when you are at age 25. Because you will save enough for yourself. Starting pension at age 40, it's not good enough, you will have limited time to save and that time you are getting older not younger anymore. It's not advisable to start pension at age 40

I think it is better they start pension earlier that will help you in your old age there is no need enjoying all the money when you were youth but when you are old you will not have anything to fall back on it is not good that way so the earlier the better at the age of 25 or 30 is good enough for that pension

 

[Nicklas22]

A very important question in my country some people don't get job early, so at age 40 you should have already be planning for your pension and you might might still be in school at age 25 in my country
Pension at age 40 I don't think you can achieve this

 

[Sehrish]

Although ideally you would have already started saving in a pension by your 40s, this won’t be the case for everyone.

In fact, in many ways people in their 40s are most at risk of falling short of their retirement aspirations, having by-and-large missed out on the glory years of generous guaranteed defined benefit pensions (unless you work in the public sector of course) and with less time to benefit from ‘automatic enrolment’ reforms which now require employers to offer workplace pensions to staff.

 

[Abelcairo43]

Someone can't decide when to upstart collecting pension it's depend on the age you started your work in a government work so collecting pensions or age that someone will collect pension it doesn't speak it depends on the age you start up a work and you finish it if it's important if you are the age of 40 and you finish up with the government they have to pay you your pension

 

[Olubayo12]

The best time to start pension is when you are at age 25. Because you will save enough for yourself. Starting pension at age 40, it's not good enough, you will have limited time to save and that time you are getting older not younger anymore. It's not advisable to start pension at age 40

The age of pension qualifications here is not determined by any individual rather it is determined by the government. But in terms of the age to start saving for pension, it is good to start anytime you are convenient because savings is very important for a rainy day when there won't be strength to save money again.

Post automatically merged: Feb 7, 2021

Are you coming to this age where your pension is starting to panic?
Well, it's really not necessary.

At the age of 40 years, if not more, you still have 15 years to spend money on your future. Pension figures are based on median values and not on individual circumstances. You might not need that much, or you might need more. Time is still on your side however and you have enough time for your finances to be realistic. I am saying everything in our country's instances so I'm quite sure that we guys may differ with that.
Can you therefore share your ideas on this, please? Thank you.

it's very fine, truth be told and then if you can start preparing for it an age less than forty, it's gonna be an advantage for you when its time because stuff like this needs adequate preparation before the time fomes

 

[Jimmie150]

There is absolutely nothing wrong with starting up a pension at age 40 but it would have been much better if it was at a younger age. None the less it is still fine because it's like a contribution and it helps to secure ones life after retirement.

 

[Sad56]

At the age of 40 is bit late, but anyways Late But straight. You can also save your pension at 40 because there is enough time to save and later you can utilize. Even in Govt jobs some people start a job at 35 . so you can do that at this age too

 

[kayode10]

The best time to plant a tree is 20 years ago the second best time is now. It is never to too late to start your pension program at age of 40. this means that you still have 15 years to plan accordingly and what diligently for your retirement you know they're not to be left out and down. The money You're going to put aside for the retirement might not be enough when it actually comes, that is why it is important to include investment in your planning.

 

[Nurudeen]

At the age of 40 one should already be in the civil service or doing business. If you are in the civil service at that age then you must have been saving for pension immediately you entered into the government job and if you are into business I believe you must have been saving for the future

 

[Kelvin7656]

The best time to start a pension is yesterday! The second best time is today. It’s definitely not too late to begin pension saving at 35, 45, or even 55, but it does become trickier to build up a pot to sustain you in retirement, so you’ll have to pull out all the stops using the tips and tricks below.

 

[Profwriter]

Age has nothing to do with wealth, African tradition may not regard this to be correct bit our current crop of young people are changing the narrative, one can be rich once the person begin to engage the principles that leads to wealth.

 

[Georgeadawara]

The nice to start pension at the arg of 25 years by then at least you are done with your high school diploma or degree for you to start saving St the age of 40 it not a good idea you better find something doing at that stage it is not too late to start a business for you at that stage. So only save for investment not as pension.

 

[KvngMurphy]

I taught about what was said and I think there's nothing really bad starting your pension at 40. Although it seems like you're late already but that's not a thing as it's better late than never.

 

[Kingsley]

Pension at 40 is not a bad idea infact it is a very good idea and very helpful. It will help such a person to make very good plans ahead.

 

[Kehinde]

While 40 might be a more advanced time of life to be thinking about your retirement plans, it's by no means too late. With the recent increase in State Pension age you now have another 28 years until you're eligible for a State Pension, so you've still got time to save for a comfortable retirement.

 

[Olahab]

While 40 might be a more advanced time of life to be thinking about your retirement plans, it's by no means too late. With the recent increase in State Pension age you now have another 28 years until you’re eligible for a State Pension, so you’ve still got time to save for a comfortable retirement.

 

[shakky2]

yes it is as long as you have your target and the pension company you are to enrol accept such,atleast you will still get a certain amount to some extent and you will be able to save up to a tangible amount before retirement which will help in catering for your well being

 

[zenith]

I will even suggest you start earlierthan that.don't keep looking at it like there is still time,it runs fast and before you know it you are getting close to retire.so start early to avoid been caught unaware.pension will really help you after you retire so don't joke with it.

 

[Taimoor Jutt]

Yes it is still fine to start pension, because it is a cut off from your salary by government or any other specific company during your job. So it is late at 40 but you will also have long time too for saving so you can do that at 40.