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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Feel Good Friday: Free paraplanning mentoring initiative expands

Feel Good Friday: Free paraplanning mentoring initiative expands

The Paraplanner Club partners with Fundment

Professional Adviser
clock 03 July 2026 • 1 min read
Not just a people problem: Why adviser and paraplanner friction is a structural issue

Not just a people problem: Why adviser and paraplanner friction is a structural issue

‘Friction between advisers and paraplanners rarely appears out of the blue’

Duncan Lancashire
clock 02 July 2026 • 4 min read
FSCS pays out more than £125m for unsuitable advice

FSCS pays out more than £125m for unsuitable advice

Unsuitable investment, pension and SIPP advice drive 2025/26 compensation costs

Isabel Baxter
clock 02 July 2026 • 2 min read