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

[Lens]

You can start at the stipulated age because you still have enough years ahead. If you wish to start now, it's good and you will need a pension manager to put you through. I have seen people start their pension scheme at age 40. It's better you make the decision now before it's too late.

 

[Nomad]

If you start to save for pension plan at the age of 40, you will have quite a big sum by the time you reach 60 years, provided you do not miss adding funds to your pension plan.

 

[Good-Person]

I am not aware of any person who is receiving pension at that age. 40 is still considered a bit young age in my city and most of the people aged 40 are working in offices an d they do not recieve any kind of pension in my city.

 

[Setho]

40 years of age is not a bad age for you to start planning for your retirement but it is just that you will have to double up on your initial effort.

 

[Bousine123]

Sure, as long as you can start you do not have a problem. You can also invest it in a business rather than a pension plan that would not grow.

 

[eLdavis]

Sure, as long as you can start you do not have a problem. You can also invest it in a business rather than a pension plan that would not grow.

Very true, I have seen alot of cases whereby their pension plans failed. While some have not been paid for long. It's best to also find something to invest in that would give you residual income

 

[Kaffyfolla]

It Is better to even start before the age of 40 but circumstances might delay it to age of 40 or more, take forn instance if you are still payingn for your children School fees above the age mentioned, there would be delay in saving as pension

 

[HayKay]

15 years even after 40 is even short a while. I'll say I'd rather hold on till around 20, 25 years after 40. That way, There'll be enough time frame to build something tangible after you stop working

 

[Alexandoy]

15 years even after 40 is even short a while. I'll say I'd rather hold on till around 20, 25 years after 40. That way, There'll be enough time frame to build something tangible after you stop working

In our country 40 is still young and if you can afford to pay the monthly premium then you can even choose a bigger package for a higher monthly pension when you retire at age 60. In the government sector the retirement age is 65 which is quite a longer period for the pension plan.

 

[Blessedsam60]

I think looking at age might not really mean as looking at the year of your service. But at age 40 is nice too

 

[Stylex]

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.

well that's true ,savings pension at a early age is a good idea ,you need to start saving it as much as you can ,not really 40 but even below 40 you can still start your pension,and that's nice ,in this life everyone is finding something easier to dwell on.

 

[Peskyblaise]

It's advisable to start your pension plan once you get your job cos waiting till this time is really dangerous because of life commitments

 

[kayode10]

It is never too late to start a pension at the age of 40. Because you still have about 15 years to serve the government. but I will advise such a person to start a small-scale business along.

 

[Justin]

If you start building pension at the age of 40 when will you build enough funds for you to take the benefits. You need to continue building for 10-15 years. If you start at 40 you will be be at least 55 by the time you profit from pension.

 

[Pousinha]

In my country Nigeria, it does not work like that. The retirement age is 60 years or 35 years of active service. I don't think you can start receiving pension at age 40 maybe except you resign at your work place but you won't be getting your pension still until you clock that age.

In my former country it's even worse than Nigeria from the point of view of the social security pension, in spite of being a tier2 one. The retirement age is 67 or 41 years of service, apart from a few exceptions that access after 15 years of service. Even worse, lot of people reach the financial stability only after their forties, cause the shameful unemployment rate and the need to be acquainted to politicians to get even an humble job, especially in certain cities. So starting a pension at 25 years old it's pure utopia. In my current country it's a while better, as the retirement age is 65 for men, 62 for women and between 15 and 25 years of service (depending on the job).

I don't know what country you are from but I know it's definitely not Nigeria. Over here in Nigeria a 25years old is just in his final year in the higher institution after which majority stay down for a year before youth service and if you're lucky after service you get a job or wait for some cople of years before luck finds you. What I'm trying to say is that starting your pension at 25 in Nigeria is impossible.

Studies also play a crucial role: if we walk in the path of long term studies, like medicine plus PHD, there's no way. If in my former country, you finish your studies between the age of 30 and 32, in my current country between 28 and 30 years old. But I think to study medicine is really worth, even to delay the starting of a pension.

 

[Toyoabasi]

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.

This depends on your retirement age.
If you start saving up for your pension at the age of 40, and you're due for retirement at age 55, then the fifteen remaining years can be used to plan a pension scheme.
I don't think it is too late.

 

[YERUS]

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.

You can.
But then, you have to make sure your pension figures are big enough to cover up for the time wasted.
If you are to retire soon, then you are late already.

 

[Smiles20]

40 years is quite a very big number and you should have already been planning for it much more earlier. Nonetheless, it is never too late but at this period of time you will have to be saving much more than you would have.

 

[Immilash]

Starting your pension at your early age is very wise decision because you will have enough. You can decide to start up your pension at 40 and you won't have any problem.

 

[greenie]

This is quite a tricky question as I always want planning for retirement and pension schemes to begin immediately you get your first job. Really, at 40 years of age you still have close to 20 years of active civil service so it is better you even start right away. You should choose from the many available insurance schemes fits you well for that age then enroll. You should also plan for having a business too.