21 January 2010
Pension pots could be cut in half if savers delay saving for
their retirement, Confused.com has warned.
New research by the price comparison website has revealed that if
people start putting aside £200 each month from the age of 25
to 65, assuming an average interest rate of five per cent gross,
people could save more than £306,000.
However, Confused.com has found that people, who begin saving the
same amount 10 years later aged 35, can expect a nest egg of around
£167,000.
Meanwhile, for those who start saving even later at the age of 45,
their pension pot will be reduced by more than a half, down to
an estimated £82,000.
