What Do You Mean I Need To Start Thinking About Pensions?

So pensions huh? What's it all about? Like a dissertation its better to start thinking about it now than to leave it last minute...

Aren't I Too Young For A Pension?

tumblr.com

Turns out NO! It's better to start thinking about pensions and what not now, so that you can save as much money as possible before you retire! The younger you start saving - the more champagne you can splash around on your retirement cruises to the Bahamas (or whatever else you have planned...)

OK Fine... Now What?

tumblr.com

Well. Turns out loads of things are here to help you along the way, like the government! Once you have started a pension, they add into your account! So for every £80 they put in £20! Plus it is totally tax free!

But Doesn't My Work Do All This Already?

reactiongifs.com

The short answer is not necessarily...if you are in a job at the moment it is not guaranteed that you have a pension scheme, so you might want to check that out. However - It soon will be law for jobs to provide a workplace pension, so if you don't have one yet, you soon will!

But that's not all...

tumblr.com

So as well as a workplace pension scheme you can also get a personal pension - double the fun! Personal pensions also work out as a great option if you are a freelance worker or just want to invest in yourself!

Top Tip!

tumblr.com

One strategy towards saving is to save the percentage that is half your age out of your salary. So say you are 26, its best to take 13% of your income and pop that in a personal pension scheme!

Retirement!

And then after all that responsible saving you get to retire and have a jolly good time doing it as well!

Still Confused? Check out this 3 Minute Money Video for more Advice!

You can check out more Virgin Money advice through their channel right here: https://www.youtube.com/watch?v=FitVPHzHNus&list=PLQ4LmhDr8Krxq5vCWds83c3Oj4I3WGz3z