Ministers are set to publish a review into the state pension age this yr by May with some predicting the age increases may very well be brought forward.
Becky O’Connor, director of Public Affairs at PensionBee, said Britons “have to come to a decision” in the event that they wish to retire sooner than once they receive their state pension.
She told Express.co.uk: “The state pension delivers a maximum of roughly £10,000 a yr. So in the event you still desired to retire at 65 but won’t get the state pension until 68, you’d need not less than an additional £30,000 in your pension to make up this shortfall.
“The Pensions and Lifetime Savings Association thinks you wish around £12,800 a yr for a minimum lifestyle in retirement and £23,300 for a moderate one, as a single person, to provide you an idea of the overall you may need for annually you might be retired. You may see the difference the state pension makes to reaching these targets.”
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