Nov 30, 2024, 6:00 PM
Nov 30, 2024, 6:00 PM

Early retirement can cost significant savings

Subjective
Highlights
  • Simon Wilkinson retired at 61 after running a cleaning business for 14 years.
  • He sold his business for £130,000 and has a pension worth £278,000.
  • Retiring early can have significant financial consequences that need to be carefully considered.
Story

In Bradford, England, Simon Wilkinson, aged 64, reflects on his decision to retire four years earlier than he had initially planned. Having owned a cleaning business for approximately 14 years, he sold it for £130,000 in October 2021. Despite retiring at 61, he has yet to access his private pension with LV, which currently stands at around £278,000. This decision to retire early has prompted discussions on the financial implications associated with such a choice, particularly in relation to the long-term impact on savings and pensions. Early retirement can seem appealing, yet it often necessitates a reevaluation of financial goals, savings strategies, and understanding the future costs, especially concerning pension benefits and living expenses as one ages.

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