Recent research has revealed that many UK citizens could be facing a potential pre-State Pension gap when they stop working in later life.
The age at which people are entitled to claim their State Pension from the Government has risen considerably since 2010, at which time the eligible age was 65 for men and 60 for women. Presently resting at age 66, the State Pension age will increase once again between the years 2026 to 2028, to 67. However, a review by Parliament is also pencilled in to reconsider an additional rise to 68.
Despite these changes and planned updates, the recent retirement survey found that the “ideal retirement age” for Britons is 60. However, this age is obviously a substantial amount of time before people can start drawing their State Pension. Furthermore, the study identified that the healthy life expectancy, which refers to how many years a person is expected to be alive in good health, for the UK is 63. As a result, the research suggests a potential pre-State Pension gap for UK citizens who might need or desire to retire earlier than the established State Pension age.
The ‘Pre-State Pension Gap’ refers to the total income a person would need to have a minimum, comfortable but moderate lifestyle during retirement before they are permitted to receive their government pension.
Retirement planning specialists in Shropshire, Worcestershire and other counties help UK workers to retire early. Experts like wealth managers create effective plans to help cover the cost of retirement by generating income via investments and other options.
