|
The sooner you start pension saving the less you will need to save to achieve the same result as shown in the chart below.
| |
Your age |
Years to save |
Monthly savings needed to achieve £ 500,000 assuming 9% pa average investment growth |
Target fund at age 60
|
|
|
30 |
30 |
£344 pm |
£500,000 |
| |
35 |
25 |
£531 pm |
£500,000 |
| |
40 |
20 |
£842 pm |
£500,000 |
| |
45 |
15 |
£1,454 pm |
£500,000 |
| |
50 |
10 |
£2,845 pm |
£500,000 |
|
