Early retirement in the UK and requirements you’ll need to fulfil to get your state pension

In order to qualify for a full state pension you need to have completed 30 years of NI Contributions. This doesn’t have to mean 30 years of full time paid work as part time workers also get the benefit. Years spent in full time training, time spent receiving certain benefits or periods when you’ve been off work in order to care for someone for at least 20 hours a week also qualify as full contribution years. These are the only early retirement in the UK requirements that you’ll need to be aware of. But, even if you’ve completed 30 qualifying years you won’t get your state pension until you hit a set age.
    Getty - Philippe Huguen

State pension age

No matter when you stop work, you’ll have to wait until you reach state pension age before drawing your pension. The age varies depending on when you were born. The current pension age is 65 for men born before 6 December 1953 and between 60 and 65 for woman born after 5 April 1950 but before 6 December 1953. If this doesn’t apply to you, check out the dedicated section on gov.uk. Your savings, personal pensions and the value of any properties you own, won’t affect the amount of pension you receive.

Early retirement

Taking early retirement is a choice that very few people can make in the UK. Obviously, the earlier you retire, the more money you’ll need in your retirement so quitting work early necessitates careful financial planning. You’ll need to have a source of income or an impressive amount of savings if you’re going to live well during your retirement. Careful financial planning could make this dream a reality but starting to work on your retirement plans as soon as possible is the best way of making your dreams of a quiet retirement come true.

United Kingdom - Excite Network Copyright ©1995 - 2022