The study which tracked the finances and aspirations of those planning to retire during the year ahead also found that those planning on retiring early could be facing a considerable reduction on their annual retirement income to the value of \u00a33,394. The average expected retirement income, inclusive of savings and State Pension, for those retiring early is \u00a318,567, compared to \u00a321,961 for those not retiring early.<\/p>\n
Planning to escape the daily grind<\/strong> The average age of those retiring early is 57, and early retirees will be making the most of their free time \u2013 over a third (37%) plan to take up a new hobby or sport, 27% will start voluntary or charity work and nearly a fifth (17%) are planning a long-term holiday or gap year.<\/p>\n Vital for funding our whole retirement<\/strong> Source data:<\/strong> PENSIONS ARE A LONG-TERM INVESTMENT.<\/p>\n THE RETIREMENT BENEFITS YOU RECEIVE FROM YOUR PENSION PLAN WILL DEPEND ON A NUMBER OF FACTORS INCLUDING THE VALUE OF YOUR PLAN WHEN YOU DECIDE TO TAKE YOUR BENEFITS, WHICH ISN\u2019T GUARANTEED, AND CAN GO DOWN AS WELL AS UP.<\/p>\n THE VALUE OF YOUR PLAN COULD FALL BELOW THE AMOUNT(S) PAID IN.<\/p>\n","protected":false},"excerpt":{"rendered":" Making the most of the next chapter in life With increasing numbers now working past traditional retirement ages[1], stopping work can seem a long way off, especially for younger people. However, new research[2] reveals that the early retirement dream lives on. Nearly two thirds (60%) of those stopping work this year are doing so before… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts\/2386"}],"collection":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/comments?post=2386"}],"version-history":[{"count":0,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts\/2386\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/media?parent=2386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/categories?post=2386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/tags?post=2386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nIt appears that those planning to escape the daily grind early feel the most comfortable when it comes to their financial situation in retirement \u2013 with over half (56%) saying they feel financially well prepared compared with 49% of those working towards their expected retirement date. That\u2019s reflected in the numbers taking professional financial advice \u2013 68% of early retirees are seeking advice compared with 60% of those working until their projected retirement age.<\/p>\n
\nFor many people stopping work early, it is not about planning to put their feet up. They want to keep busy and active by taking up hobbies, sports and charity work, and some are even planning a post-work gap year. With many of us set to live longer than ever before, it is vital to ensure we can fund our whole retirement.
\nThe East Midlands is the early retirement capital of the UK with 72% of its retirees retiring early, closely followed by Wales (69%) and Yorkshire and the Humber (67%).<\/p>\n
\n[1] https:\/\/www.ons.gov.uk\/employmentandlabourmarket\/peopleinwork\/employmentandemploy eetypes\/articles\/fivefactsaboutolderpeopleatwork\/2016-10-01
\n<\/em>[2] Research Plus conducted an independent online survey for Prudential between 29 November and 11 December 2017 among 9,896 non-retired UK adults aged 45+, including 1,000 planning to retire in 2018. <\/em><\/p>\n