Is Starting A Pension At 50 Worth It? | What To Do If You Have No Savings at 50!

Описание: It’s never too late to start a pension and even a small pension is better than nothing. But I'm regularly asked, "Is Starting A Pension At 50 Worth It?". The short answer is always it depends as this does present a unique set of questions, challenges and opportunities. If you’re watching this video because you are considering a pension at 50 or older, then please take this as a sign to take action!

If you're asking yourself "Is Starting A Pension At 50 Worth It?" or if you don't know what to do if you have no savings at 50 or older, then this video is for you.

I've also written a companion article on the topic of starting a pension in your 50s, which includes the data behind the compound interest example. You can find this at https://foundered.co.uk/starting-a-pe...

Retirement planning isn't something we're taught in school and only recently with the launch of auto-enrolment are we forced to save for our retirement. Many of us who are in our late 40s or 50s, may have over-looked retirement savings for one reason or another. In this video I look at why you should start a pension and why retirement planning at 50 is not too late!

Timestamps
00:00 Intro
01:12 Advantages of starting a pension at 50
01:21 25% tax-free lump sum
01:43 Tax relief benefits
02:13 Compounding growth
03:15 Drawbacks of starting a pension at 50

03:24 Shorter time frame for contributions to grow
03:44 Higher contributions are required to catch up
04:35 Risk of investment losses

05:23 Other factors to consider when deciding whether to start a pension at 50
05:24 Personal financial goals and circumstances

05:53 Paying down debt or creating an emergency fund
06:18 Retirement goals and lifestyle expectations
07:09 Alternatives to starting a pension at 50
07:22 Investing in property or other assets
08:00 Increasing contributions to other retirement accounts
09:05 Delaying retirement by working longer or part-time
10:09 Final thoughts


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Disclaimer: Any information provided in this video is meant purely for entertainment purposes and does not constitute any form of recommendation, They are simply my opinions. If you want financial advice tailored to your circumstances please consult with a qualified professional.




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