Apr 30 2008
Adding even a small amount more to a pension pot on a regular basis can have a dramatic impact on how much a retirement income amounts to, it has been claimed.
Figures from Virgin Money suggest that a 20-year-old British woman who adds £100 per month to her pension could effectively double her annual retirement income if she boosted her contributions by just ten per cent.
This kind of situation can be generalised and means that many people are set to lose out if they fail to find an optimum level of saving for retirement, according to the financial services firm.
"A ten per cent increase in your yearly contributions will dramatically affect the quality of life you can expect when you retire," said Scott Mowbray of Virgin Money.
"It may seem a long way off but acting now is the only way to make the difference in the future."
Meanwhile, the Just Retirement company recently urged people approaching or at retirement in the UK to shop around for the best annuity deal available to them.
