When should i start planning for retirement?

i don’t currently have a pension and i can’t really afford to save. i earn 24.5k a year. any advice?

If you cannot afford to save now what makes you think it’ll get any easier as you get older? The simple answer is that the earlier you start doing something about your retirement years, the less painful the journey. State Pensions and benefits aren’t going to become more generous and we must face up to the fact that we’ve got to do something about it ourselves. In the days when employees could join a firm, have a job for life and join the pension scheme you could expect to retire on around half your final salary (a fifty percent pay-cut on retirement). But the cost to you and the employer for this income in retirement would have been perhaps 12 – 15% of salary each year.

The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk