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

A. Byrne, D. Blake, A. Cairns, K. Dowd

Research output: Contribution to journalArticlepeer-review

21 Citations (Scopus)
1 Downloads (Pure)


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.
Original languageEnglish
Pages (from-to)213-231
Number of pages18
JournalFinancial Services Review
Issue number3
Publication statusPublished - 2006


  • retirement saving
  • defined contribution
  • stochastic simulation
  • delaying retirement saving
  • cost


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