Why nobody seems to be into Pensions and why they should…..(part 1)
Author: Russell SmithApril 18, 2013
If there is one subject that most people don’t want to speak about, it would be pensions.
I guess its because pensions have received such a battering in the press over the last 7 years but many people do not think about putting money into a personal pension scheme.
I have met many people who do not have pension savings and the reason they give is because ‘pensions aren’t all that good’. Pensions are savings and the trouble with not putting money into pensions is that people consequently often then don’t put money into anything.
Therefore, by the time they are old and grey they have nothing in the pot.
Pensions are basically savings and interest. Compounded interest is a mathamatical beauty. Albert Einstein called compound interest the eighth wonder of the world.
If I gave you a choice of a million pounds or 1p that would double every day for a month – which would you choose?