IT’S easy to convince yourself there are better things to do with your money today than planning for say, 30 years’ time.

So starting a pension savings plan may not be top of your priorities.

However, you may be surprised how much of a difference starting earlier could make to your future, and you should consider the risks of delaying getting off the mark.

Even delaying a pension by just a few years can have a dramatic effect.

Brewin Dolphin figures show that if you are 25 now and want to retire at 68 on £20,000 a year in real terms, you can achieve this by saving £790 a month gross.

But if you start saving at 45 you would have to save £1,830 a month to achieve the same goals, and much more if you leave it even another five years.

As the pensions system is going through the biggest change in 100 years, it is essential to make your savings work as hard as they can.

The cost of delay is clear and once you realise the consequences of delaying starting your pension savings, it may prompt you to take action sooner.

Other risks to consider if you delay saving for a pension are that you could be losing out on tax relief.

When you contribute to a pension you get tax relief between 20 to 45 per cent, depending on how much you earn, which means the Government effectively adds money to what you save.

Employers may also contribute to your savings, so the sooner you start, the more you can get from both the government and your employer.

Your pension savings may also not last long enough.

If you retire with a £250,000 pension pot and want to withdraw £25,000 a year gross, according to Brewin Dolphin figures your pot could last between nine and 20 years, depending on the performance of your portfolio.

So the sooner you start, the longer your money could last.

It is also looking increasing likely, that if you don’t have private pension arrangements in place the state pension may not even provide the basics in retirement.

A new state pension is set to be introduced in April 2016 paying just £151.25 a week if you have paid enough National Insurance contributions.

So the rate paid won’t be the same for everyone and the age at which it gets paid is also likely to go up over time.

Another thing to consider is that you may have to retire early should you fall ill, lose your job or have to look after a loved one.

It’s best to have built up a retirement pot when you are able to do so.

You can’t usually access your pension pot until you reach age 55 and the average age for withdrawing from the workforce is around 64 years according to a 2014 Department for Work and Pensions Report.

New pension rules have brought new options, but because the pension’s arena is complicated it needs to be navigated with care and getting good advice has never been more important – the decisions you make now can have strong implications for your future.

That said, it’s better to get started on saving in some way for your retirement as the costs of delaying could make a tangible difference to your future quality of life.