When Should You Start Saving For Retirement?

When Should You Start Saving For Retirement?

“You don’t have to be great to start, but you have to start to be great” ― Zig Ziglar

3 min read

When Should You Start Saving For Retirement

When Should You Start Saving For Retirement?

“You don’t have to be great to start, but you have to start to be great” ― Zig Ziglar

3 min read

Retirement planning is a marathon, not a sprint. The earlier you start saving, the more time your money has to grow. However, many people grapple with the question of when to start their retirement savings journey. Read on to unravel the critical considerations, benefits, and implications of starting early on the path to retirement security.

The Significance of Early Retirement Saving

Commencing retirement savings at a young age unlocks a multitude of advantages. You are able to benefit from things such as the power of compounding, which shows how even modest contributions, when invested early, can grow into substantial assets over time. The longer the investment horizon, (time invested), the lesser the financial strain to amass a sufficient retirement fund, paving the way for a comfortable and stress-free retirement lifestyle.

Understanding the Time Value of Money

Time is the unsung hero of retirement planning. The time value of money proves how every bit of money saved today has the potential to grow significantly due to compound interest and investment returns. By capitalising on the principle of the time value of money, you can harness the benefit of exponential growth, positioning yourself for a financially secure retirement.

Impact of Delayed Retirement Savings

Delaying your retirement savings can have negative repercussions. From the pitfalls of procrastination to the monetary cost incurred when you postpone starting your retirement plans, realising the increased savings burden down the line and the compromised retirement lifestyle that often accompanies delaying savings is important. Consider the tangible impact of delaying your financial preparations and whether or not this will mean you have to save more in your later years due to any shortcomings.

Balancing Other Financial Priorities

Whilst starting early is crucial, you also need to remember that life presents multiple financial obligations along your route to retirement. There is a balancing act between immediate financial needs and long-term retirement goals. Therefore, you should take a holistic financial approach that considers both short-term necessities and long-term aspirations.

It is also the sad truth that not everybody gets to retire. So, you should not necessarily sacrifice today’s comfort for a future that may not come. This is why it is important to balance putting money away until retirement, whilst still being able to enjoy the lifestyle you have.

Life Stages and Retirement Savings

Different life stages warrant distinct approaches to retirement savings. Those early in their career might save less than those in their mid to late careers or those even closer to retirement age.

For example, for those early in their career, consider leveraging any workplace schemes, budgeting wisely and perhaps opt for riskier investment strategies.

Those in the middle of their careers may wish to consider boosting their savings efforts such as increasing contributions to employer workplace schemes, seeing if your employer will match any increase, making any catch-up payments or start to figure out what their expenses may be in retirement.

Finally, should you be nearing retirement, make projections to see how long your current fund will last in retirement, consider a lower risk level, manage any final outstanding debts you can and assess your overall net retirement position so that you can fill any gaps where needed.

Of course, no matter what stage of life you are in, contacting a Patterson Mills Financial Adviser will enable you to have the best possible chance of achieving the retirement of your dreams.

A Retirement You Can Enjoy

The question of when to start saving for retirement isn’t just about age; it’s about the value of time, the power of compound interest, and the balance between present needs and future aspirations. By starting early and aligning your savings and investments with your life stage, you can lay a sturdy foundation for a worry-free retirement.

The best part of all, is that you are not alone. Patterson Mills are here to provide expert guidance and create a financial plan that can guide you to success. So, get in touch with us today and book your initial, no-cost and no-obligation meeting, you will be pleased that you did. Send us an e-mail to or call us direct at +41 21 801 36 84 and we shall be pleased to assist you.

Please note that all information within this article has been prepared for informational purposes only. This article does not constitute financial, legal or tax advice. Always ensure you speak to a regulated Financial Adviser before making any financial decisions.

Financial Planning

Saving for Your Child’s Future

Saving for Your Child’s Future

We may not be able to prepare the future for our children, but we can at least prepare our children for the future

1 min read

Many parents give their children a flying financial start by saving or investing throughout their childhood. A new survey1 shows mothers typically take the lead in this area, while cash remains disproportionately popular.

Mum's the word

The research shows responsibility for children’s savings is particularly borne by mums: 60% of those actively contributing to a child’s savings and investments were found to be women. Researchers noted that this fits a broader theme whereby women tend to connect investing to outcomes for their family more than to their own needs.

The survey also highlighted a drop-off in contributions as children get older. While 67% of new parents start saving or investing for their new-borns, this figure falls to 54% by the time children reach secondary-school age.

Cash is king?

The efforts of parents to save for their children is clearly admirable, but it is important to make that money work hard.

In a high-inflation environment, sticking to cash can limit the impact of parents’ saving, as the real value of cash savings is likely to be eroded over time. While not guaranteed, investment products have historically delivered better returns over the long term. It’s advisable to consider the options.

Find out what you can do to save for your child’s future. Get in touch today and book your initial, free, no-obligation meeting.

You have nothing to lose and potentially lots to gain!

Send us an e-mail to, call us direct at +41 78 214 84 32, or fill in our contact form below.

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1Boring Money, 2021