Thinking of retiring 5 years early? Think again ...
Posted by siteadmin on Wednesday 6th of December 2017.
Retiring 5 years earlier than you planned could cut your pension income in half!
Here’s how your pension fund will be smaller:
- You will have made 5 years less of contributions into your pension fund.
- You will draw 5 years more pension income payments from your pension fund.
- You will lose 5 years potential growth on your pension fund.
Conversely, of course if you work for 5 more years than you planned it could boost your future pension income by as much as two-thirds.
According to government data, the employment rate for people aged over 65 has more than doubled from 4.9% to 10.2% in the last three decades to 2015. Furthermore, life expectancy is expected to carry on increasing so there is still plenty of time to enjoy the fruits of your labour.
If you want independent advice on how to improve your pensions, please call us on our Freefone number. Alternatively click on make enquiry then pension enquiry.
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