Early retirees will need to have an income of £136,000 to support themselves in the years before they are able to take the state pension, new analysis has shown CallumCMason reports
The remaining cash would need to be generated from workplace and personal pensions, or other savings.According to analysis from Pension Bee, a 40-year old couple looking to save for a moderate retirement would need to put away, on average, an additional £270 per month or £3,240 per year collectively on top of their regular pension contributions to plug the £136,000 gap, if they wanted to retire at 60.
A 50-year old couple would need to save, on average, an additional £450 per month or £5,400 per year. Becky O’Connor, director of public affairs at PensionBee, said that it was now “necessary” for many people to retire before State Pension age, because of caring responsibilities or illness. “As the State Pension age rises, more and more people will find they either want or need to retire before they reach it. So identifying how much extra pension would be required to do so is an important part of retirement planning”, she said.– the number of years someone can expect to live in good health – for workers in the UK is 63, suggesting many will have several years after this in which they are not receiving a state pension.
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