Mr Average must work until 80 to maintain income in retirement

With 'Mr Average' dying at age 85, this gives him just five years to enjoy his retirement. Mrs Average, dying at age 89, would get to enjoy just nine years of retirement. If Mr Average chooses not to take his tax-free lump sum, he would still have to work until the age of 77 to maintain the same level of income in retirement, Libert SIPP said. If he is prepared to retire on half his working income - £13,250 -, but take all his tax-free cash, he will still need to work until the age of 74. Not taking his tax-free lump sum and maintaining a pension equivalent to half his working inco...