When should one start saving for retirement?

April 1, 2021

Delaying saving money for retirement is not uncommon as often other life costs seem more important (there is a wedding to pay for, a deposit for a new car or house, a baby and school fees). Furthermore, even for those of us who have been forced to save in occupation and state pension funds, it might not be sufficient to live a comfortable retirement off of those savings. To answer the question, it certainly pays to start saving for retirement, as early as possible.

The importance of starting now.

When it comes to retirement planning it is not only the amount of money saved that counts, but also the time at which we start saving. The earlier you start, the more affordable the amount of money you need to save each month will be and vice-versa. Research reveals that more than half of us only start saving for retirement when they are in their mid-30s, instead of when they start working. Additionally, there are many people who only start saving for retirement when they reach 40.