Savers hoping to retire early with a “comfortable” income will need a pension worth £1m – and to save more than £11,000 a year throughout their career to build up the pot.
Early retirement is currently in vogue, with 565,000 workers having left the workforce since the start of the pandemic, according to the House of Lords. While the reasons behind the exodus are unknown, the primary driver is thought to be early retirement among those aged between 50 and 64.
But you need a hefty pension pot to join the trend: here’s how much you might need, the amount you would need to save, and what you need to think about.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.