Figures published by HM Revenue & Customs (HMRC) suggest that contributions made into pension savings are decreasing like in 2017/18 when compared to 2016/17. A pension is a long-term investment. The earlier you begin saving the better off you will be thanks to compounding overtime. The State Pension is a weekly payment from the Government that you can receive once you reach State Pension age. However the State Pension is unlikely to provide a substantial income in retirement. That’s where a private pension could make a big difference. Seeking professional financial advice could help you to understand how to save effectively for retirement.