I’m often bemoaning the lack of thought that us Brits put into our retirement here on Money Watch, so I was surprised to learn that on average, we Brits start our pensions at the age of 28.
Axa’s Global Retirement Scope study said the average worker in the US started saving for old age at 30. In Australasia and mainland Europe, the typical age rose to between 31 and 33, while in Japan workers on average waited until 36. The Chinese have to hold on the longest before starting to plan for retirement, with an average age of 37, the survey reported.
As with most types of investing and saving, the earlier you can afford to start the better, as you will benefit from the magic of compounding interest.