Most teenagers know they’ll be working longer into old age than their grandparents’ and parents’ era. They also know that when they actually finally stop working, their condition pension will be less generous. The recent review of the state pension by John Cridland, former Director General of the Confederation of British Industry, was a blow to workers who are in their mid-40s and younger. It suggested the condition pension age be lifted to 68 between 2037 and 2039 – seven years earlier than planned.
Reports now suggest the federal government is considering bringing this forward to 2030, which would affect those in their mid-50s. All this means that teenagers should save earlier – and harder – to ensure financial comfort in pension. Fortunately that starting quicker may take the sting out of keeping.
Here, we look at some of the options available to young savers. The best place for employees to start is with a workplace pension. She provides: ‘Cash may very well be tight, but even small amounts put away every month into a pension will continuously build up as time passes with the energy of compounding.
- Harold Taylor
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New guidelines now require companies to give a pension for most workers. An extra 7.5 million employees are saving into a pension as a result of auto-enrolment now, most of them young.But there are conserving options other than a ongoing works pension to consider. Since a pension can’t be accessed until age 55, it makes sense to consider other more flexible options, such as property and tax-friendly Isas – and their new relation, the Lifetime Isa. Dean Forbes is only 38 but he could be hoping to retire within the next ten years. He does not have a pension but instead owns a collection of investment properties.
Dean, who is the chief professional of the software company and lives with his wife and three children in Farnborough, Kent, says he has always seen property as his pension. Within two years I needed turned that into about £120,000. I have continuing to buy properties to build up or let, sometimes with other family.
Even recent changes to the way buy-to-let income are taxed – that could lead to lower profits – never have taken the glow off property investment for Dean. He says: ‘When I look at the 3 or 4 % per year come back on an average pension it just will not excite me. Property is something I understand and also have prospered from. Nonetheless it is a long-term strategy. I have experienced some very nice years and then some terrible ones.
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