How to retire at 55: 8 tips
8 tips for an earlier, wealthier retirement
Many of us hope to retire as early as possible, but transforming that dream into a reality doesn’t come cheap. It means being able to give up work and still afford the luxuries in life.
Our straightforward guide provides eight tips that could help you to retire earlier than you thought, including:
- How much to invest each month - a simple formula to consider
- How to boost your existing pensions
- How to find any pensions you’ve lost
- What options you have for taking money out of your pension
This guide isn’t personal advice. If you choose to invest, you need to be comfortable with the risks involved. All investments can fall as well as rise in value, so you could get back less than you originally invested. You should also be aware that you need to be at least 55 (rising to 57 from 2028) before you can take money out of your pension. If you’re unsure what’s right for you, seek guidance or advice.
The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise. Our award winning advisory service offers one-off and ongoing financial advice which could help you to reach your goals.