Sussex pensioners taking early retirement

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More than half of people in Sussex will take early retirement despite a smaller income, research by financial experts has found.

Financial providers Prudential say 58 per cent of those planning to retire this year in Sussex and around the UK are doing so earlier than their State Pension age or company pension retirement date.

The company found that many appear to be willing to take a hit on their annual retirement income in exchange for giving up work early.

Vince Smith-Hughes of Prudential, said,“We’re seeing expected retirement incomes take a long time to recover to their pre-financial crisis levels, so it is striking to see that many people retiring this year are stopping work early.

“We hear a lot about future generations having to work until they drop, which is of course a little over the top. But as fewer people over time benefit from generous final salary pensions, it will mean that anyone looking to retire early needs to prepare well in advance.

“There are valuable lessons to be learned from this year’s early retirees, and the main characteristic they demonstrate is being financially well-prepared. The Government’s free and impartial Pension Wise guidance service can help more people make the right decisions in the run up to retirement.

“While saving as much as possible as early possible into a pension scheme is a good start for most looking to secure a comfortable retirement, we also found that those able to retire early are more likely to have recently taken financial advice. A professional financial adviser can help people understand what steps are necessary to achieve their specific retirement goals.”

The average expected retirement income for people retiring early is £16,800 – this compares with £19,000 for those who are not planning to do so.

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