When to start saving for retirement (yes, really!)

Retirement is a long way off for a lot of us. Who knows what will happen between now and then? Will the retirement age be pushed beyond 80? Will we actually be able to afford to live in London? Will we have hover-boards? Only time will tell! However, preparations need to made if us young people want a comfy retirement.

In a new piece from CNBC, a handful of millennials in America were asked about their retirement expectations. Taking into account student debts, pricey housing and an unpredictable economy, hopes aren’t soaring right now. In fact, 27% of millennials don’t expect to retire until they are at least 70 and 12% of those expect to work until they die. That might be a bit melodramatic.

Source: Many Millennials Expect To Work Until They Die – CNBC

But don’t take those statistics to heart. For one, they’re based on the US economy, not ours and two, we have a handy infographic from ICount that tells you everything you need to know about saving for your retirement.

The graphic is based on a survey that asked 1,000 18-24 year olds about retiring and the pertinent finances associated with that. The headline figures showed that 48% of young people believed that they should start saving for their golden years between the ages of 20-29!

So where did the other 52% land? Well, 24% believed you should start putting pennies away in the 30s, 13% thought in the 40s, 3% believed in the 50s and 10% just didn’t know, broke down in tears and repeatedly muttered “We’re doomed, we’re doomed” while cradling themselves.

Check out the rest of the infographic below!

retirement

Image credit: ICount

At the end of the day there is no right time to start saving for the future. A report was released last year from Aviva that estimated that a pensioner needs about £12,590 a year to live. So you do the maths and then tell us how confident you are for the future.