pension saving

Can I Start a Pension Later in Life?



Posted on: 12th December 2023

Many people feel that the need to jump into the pension game is behind them, but, in reality, it is not too late to begin pension saving between the ages of 35-55. While it is true that it becomes trickier to build up a pot to sustain you in retirement, there are ways for you to pull out all the stops to enjoy your retirement – even if it has not been at the forefront of your thinking before now.

At Haven IFA, we offer much more than pension advice Manchester and retirement planning Cheshire. We offer tailored services to help you navigate your finances for a better life today and tomorrow.


If you are currently in your mid-30s, you have over three decades before you reach the age of traditional retirement – in this case, 67 years old. That gives you plenty of time to get things sorted for a comfortable retirement and benefit from the power of compound interest on your savings.

Changes in the minimum age to receive the state pension mean you won’t be eligible until you are at least 68 years old (as it stands). But if you could put an extra £100 into your private pension each month, you stand to have a very relaxing retirement. The earlier you start putting extra into pension saving, the longer it has to grow, and investment returns can do the heavy lifting of expanding your pot.


Since the global pandemic and the cost of living crisis, the biggest increase in people concerned about their later life plans has been those in their mid-40s. In most cases, early retirement will be off the table – but you still have a good 20 years to build a valuable pension pot.

By the age of 67, you will be eligible for the state pension. Topping that up will be your workplace pensions, but you will want to consider how you can top that up as much as possible in these years before retiring. That can be working full-time for longer, or continuing to work while semi-retired.

Now is the time you should start increasing your monthly contributions to be able to benefit from tax relief and employer contributions. By placing an additional £100 a month into your pension, you could have a pot that is £30,000 bigger, putting you on track for an annual income, with the state pension. Aij to pay off your mortgage and other loans before retirement so that your money does not have to stretch far.


Even in your mid-50s, all hope is not lost and there are ways you can help yourself in later life. Starting a workplace pension at 55 and retiring at 67 only gives your cash 12 years to grow, so your pension pot would only be £31,732.

Over a 20-year retirement, that is an income of just under £1,600 a year. As well as your state pension, you stand to have an annual total of around $10,700 at current levels. To make up for lost years and start a pension in your 50s, you would require much larger additional contributions. To reach 55 and never have saved into a pension is incredibly rare, so it is worth working with an independent financial adviser Manchester to help locate missing workplace pensions and get valuable pension advice Manchester.

Do not fear, the Haven IFA team is here to discuss your retirement planning Cheshire and help you navigate the financial uncertainty of pension saving. Contact our friendly team today.