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<blockquote data-quote="SRRC" data-source="post: 7503597" data-attributes="member: 693"><p>Haven't seen the magic of compound interest mentioned yet.</p><p>Start a pension when you first start work and compound interest works wonders.</p><p>If you had put that bungalow £60k in a pension it would compound up after 20 years at 6% return to about £192,000, leave it another 5 years and it's magically grown to £252,000.</p><p>Leave it for 49 years and you are a millionaire!</p><p>Over 20 years that bungalow would need to have generated £800 clear every month to match a typical 6% return pension.</p></blockquote><p></p>
[QUOTE="SRRC, post: 7503597, member: 693"] Haven't seen the magic of compound interest mentioned yet. Start a pension when you first start work and compound interest works wonders. If you had put that bungalow £60k in a pension it would compound up after 20 years at 6% return to about £192,000, leave it another 5 years and it's magically grown to £252,000. Leave it for 49 years and you are a millionaire! Over 20 years that bungalow would need to have generated £800 clear every month to match a typical 6% return pension. [/QUOTE]
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