Savers pay £190k in tax by 50th birthday - MetLife

The firm said an average 50-year-old would have paid about £190,400 in tax at the milestone birthday, but invested only about £54,000 into their retirement pot. People on median earnings starting work at 21 will have paid out £114,148 in income tax with the other £76,000 going on national insurance during the course of their working lives, figures showed. For men the total direct tax bill by 50 comes in at £205,000, while women pay an average £167,370 in income tax and National Insurance. Dominic Grinstead, managing director, MetLife UK, said: "The amount paid in tax and National Insu...