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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.

Item type: Article
ID code: 8165
Keywords: retirement saving, defined contribution, stochastic simulation, delaying retirement saving , cost, Accounting
Subjects: Social Sciences > Commerce > Accounting
Department: Strathclyde Business School > Accounting and Finance
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Depositing user: Strathprints Administrator
Date Deposited: 28 Jul 2009 14:40
Last modified: 16 Jul 2013 21:51
URI: http://strathprints.strath.ac.uk/id/eprint/8165

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