Employees could boost their retirement pot substantially if they make an adjustment before reaching 27
If you want to retire with a comfortable pension, it might not be as difficult as you think. Nor as expensive - with a sum of just £1.70 potentially doubling your pension pot, depending on your age.
He explained that Gen Z, born between 1997 and 2012, could potentially double their retirement fund by doing this, and it may cost them as little as £1.70 per day. Using a working 22 year old earning £25,000 salary as an example, the advisor noted if they contribute the minimum to their workplace pension under automatic enrolment, and their employer does the same, they're looking at a total of £120,000 in retirement by the age of 65.
Kristian said that even without employers matching your contributions, you could boost your retirement fund by £38,000. The technique, known as 'Pensionmaxxing', starts with investigating whether your employer will match pension contributions and then maximizing your input, according to the pro. The money mogul continued to stress the reliability of pensions as a savings method, saying: "Pensions remain one of the safest ways to save for your future, so if possible, it’s still worth maximising your contribution even if your employer doesn’t match beyond the standard contribution. Like all investments, pensions can fluctuate in value. Make sure you're prepared for these factors before making any changes.
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