No matter how old you are it’s never too early to start investing

What you are doing with your money today will have an impact on the quality of your life in retirement, so ask yourself if you are doing enough with your Personal Pension?

It doesn’t matter what your age is, the earlier you start investing for retirement, the more money you are potentially going to have, and thus your quality of life could be better. Likewise, the more you can afford to invest, the more money you are potentially going to have in retirement.

This is true if you are young or old, every penny and every bit of time will add up to you being better placed than you were before. If you are young, get going now and benefit from the difference small investments over a long period could make. If you’re older, don’t fret, it isn’t too late to make an impact on your retirement fund. Investing even a little today is better than not investing at all.

Whatever your age, being proactive is the key. Don’t put off investing into your retirement fund, as time will count in your favour. A little and often investing strategy could be all that you need. Say you are only in your early twenties, and maybe you feel like investing for retirement isn’t really relevant for you right now? Stop and consider how much better off you’d be if you started investing for retirement today.

If you are approaching retirement and have missed out on the advantage of starting early, the key is to forget about the past and get started with a positive attitude now. You can still make an impact. Every pound you invest is a pound more than you had before, and this then has the potential to grow in our Fully-Managed Investment Portfolios. You should also consider that being older has its advantages when it comes to saving and investing, as you are likely to be free of some of the financial restraints of younger people. For example, your mortgage may be paid off, and you’re likely to be beyond a graduate wage. Factors like these could mean that you find that you can play catch-up to some extent by investing more heavily towards retirement in your final working years.

Whether you are young or old, if you neglect to invest sufficiently towards retirement, you may find that you can’t afford the lifestyle you are accustomed to. Think realistically about the cost of living, and how long you could live for after retiring.

Our Savings Gap research has demonstrated that an income of £23,000 is needed annually in retirement to live comfortably. However, based on actual savings behaviour, people in the UK are on course to receive an income of just £6,000 per year from their retirement fund. No matter how old you are, the key is to start right now. Do more with your money and start investing today towards a comfortable retirement.