People planning to retire before State Pension age could face gap of more than £135,000
PensionBee, a leading online pension provider, has launched a new State Pension Age Calculator, designed to help savers evaluate if they can retire before they are eligible to receive the contributory benefit from the Department for Work and Pensions .
However, a recent survey by PensionBee revealed that the 'ideal retirement age' for British workers is 60, despite this being some time before they would be able to receive their State Pension. Meanwhile, the healthy life expectancy - the number of years you can expect to live in good health - for workers in the UK is 63, suggesting a potential pension gap for people who might want or need to retire earlier than their State Pension age.
PensionBee’s new tool enables users to calculate their own State Pension age, based on their date of birth, and the potential ‘Pre-State Pension Gap’ they may face if they plan to retire earlier than this. When considering the average life expectancy for women and men , a woman retiring at 60 in a couple would need a combined retirement income with her partner of £476,000 for her 28 years of expected retirement, to live a moderate lifestyle. Assuming she would receive the full State Pension from 68, £212,000 of this total would come from her State Pension payments and the remaining £264,000 would need to be generated by the couple’s workplace or personal pensions and other savings.
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