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The Strathprints institutional repository is a digital archive of University of Strathclyde's Open Access research outputs. Strathprints provides access to thousands of Open Access research papers by Strathclyde researchers, including by researchers from the Physical Activity for Health Group based within the School of Psychological Sciences & Health. Research here seeks to better understand how and why physical activity improves health, gain a better understanding of the amount, intensity, and type of physical activity needed for health benefits, and evaluate the effect of interventions to promote physical activity.

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There's no time like the present : the cost of delaying retirement saving

Byrne, A. and Blake, D. and Cairns, A. and Dowd, K. (2006) There's no time like the present : the cost of delaying retirement saving. Financial Services Review, 15 (3). pp. 213-231. ISSN 1057-0810

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Abstract

Many people delay joining a pension plan until well into their working lives. We use a stochastic simulation model to show the cost of this delay in terms of the higher pension contributions that must eventually be paid to ensure an adequate retirement income. We find the levels of contributions required for individuals who start saving late are so high it is questionable whether they are affordable for anyone not on a high income. We also analyse the cost in terms of reduced pension of an interrupted labour market history, such as that experienced by someone who leaves work for a period to bring up a family.