- If you start a pension at age 50 or older you could still build up a useful amount
- Pension contributions offer many tax benefits
- Tax relief and employer contribution mean that pensions savings can grow faster than Isa savings
It is not uncommon for those over the age of 50 not to have a pension or have little in one. This can be for reasons including prioritising mortgage repayments and the costs of raising children, and because employers only started to auto-enrol employees into pension schemes from 2012.
But if you are in this position and have the finances to contribute to a pension in your 50s and 60s, it is still very worthwhile doing.