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18th August 2018
:: Blog | January 2009 (12 blogs) | Pensions: how to have your cake and eat it

 
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Pensions: how to have your cake and eat it 
 
I thought this was an interesting article for several reasons, not least because of this quote: ‘You're going to learn to love your pension. To see it as a gorgeous big cake that you'll start baking early, watch rise and feast on in your dotage.’
 
But I have to admit to being nowhere near the correct answer to this question (the article gives 3 multiple choice answers – and I managed to not look before I took a quick guess).
 
‘Compounding is quite miraculous when it's working for you; but not when it's against you. Here's a quick teaser: if you put a penny into a jar on the first of January and then doubled the amount you put in every day for a month (2p on the second, 4p on the third, 8p on the fourth, etc) how much do you think you'd have at the end of the month?’  Take a guess without even trying to work it out and see how close you are. Can you get to within 10%? See:
Mike Jones, MyCompanyPension.co.uk, 12th January 2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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