Becky O’Connor, Director of Public Affairs (VP) at PensionBee, comments on the potential 'pre-State Pension gap' that may affect those retiring early.

A recent survey by PensionBee revealed that the 'ideal retirement age' for British workers is 60, despite this being some time before they'd 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. 

For example, someone who wishes to retire at 60, assuming their State Pension age is 68 and they're retiring as a couple, would need to have saved enough to generate an income of £136,000 to support them during this eight-year gap, on top of what they need for the rest of their retirement.

Becky O’Connor, Director of Public Affairs (VP) at PensionBee, commented: 

The dream of retiring early is alive. For many people, it is in fact necessary to give up work before they reach State Pension age, due to 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.

Full release: Early retirees could face a ‘Pre-State Pension Gap’ of more than £135,000

✉️ press@pensionbee.com / 020 3859 5788