The exact age you need to start taking your pension seriously – or risk a poor retirement

Importance of Early Pension Planning: Starting to prioritize pension savings by age 36 is crucial, as failing to do so can lead to insufficient retirement funds. The shift from defined benefit to defined contribution plans places the responsibility on younger workers to actively manage their retirement savings.

Impact of Increased Contributions: Increasing pension contributions, even later in life, can significantly enhance retirement savings. For example, boosting contributions from 8% to 11% at age 36 could result in an additional £130,000 by retirement, highlighting the benefits of early and proactive saving strategies.