How much money do you need in your pension to retire early? ⬇️ Let's break it down
If you wanted to retire at 55 and have a “moderate” retirement, you would need a pension pot worth £540,000, according to AJ Bell. If you waited 10 years and retired at 65, you would need a pot worth £360,000.
This figure includes tax relief and any employer contributions, so the amount you actually pay in would be less. “The figures show that, even if you start saving very early, to stop working and enjoy a comfortable living standard in your mid-50s will likely require significant annual contributions,” said Tom Selby from AJ Bell.
Preparing as early as possible will give you the best chance of creating a large pot. This is thanks to compound interest, the interest you earn on interest, as well as contributions.
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