Today, most people over 45 will have to wait till they are 67 to reach the official state pension age. Anyone younger will have to wait till they are 68. Many who have retirement funding in place from 67 or 68 would like to retire sooner. They just need to fund their living expenses in those years.
In February CPIH inflation — a measure that includes homeowners’ costs — hit an annual 5.5 per cent in the UK. Figures released on Tuesday by the Office for National Statistics show that the year on year growth in average weekly total pay, including bonuses, was 5.4 per cent at the end of February.
It is unlikely that wages will continue to track inflation as the energy crisis bites but if you are getting a good pay rise and have the wherewithal to cope with rising prices you might consider putting the salary increase into your pension via salary sacrifice to fund your early retirement.
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.