Savings boost of 15% needed for young people to retire early

L&G highlights ‘power’ of compound growth when pension saving

Holly Roach
clock • 1 min read

Young workers need a 15% boost to their savings if they want to retire early, research by Legal & General (L&G) reveals.

The research showed 17% of savers aged between 22 and 32 hope to retire before aged 60 with 70% expecting to retire before the current state pension age. As a result, savers in this age group would need an additional £312 a month on top of the average 8% contributions to their pension pot, representing a nearly 15% increase of monthly income towards their pension. L&G also pointed to the "power" of compound growth, suggesting if those aged 22 to 32 put £30 more away per month, they could end up with an additional £100,000 in their pension pot. L&G managing director of workplace sav...

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