New warning on cost of being too ill to work and too young for State Pension

Recent government data put healthy life expectancy at below 63-years-old for people across the UK and retirement expert, Helen Morrissey warns that given the current State Pension age of 66, this could leave a gap where people are too ill to keep working, but too young to claim their State Pension .

Ms Morrissey said: “We are living longer lives, but not necessarily healthier ones - which creates hidden horrors for our retirement planning. According to government data, healthy life expectancy is less than 63 years old for both men and women - a full three years less than the current State Pension age of 66.

Top Money Stories Today The retirement expert continued: “This would give a gap of almost £35,000 for someone needing to fill the three-year gap today - more if you add in the annual increases from the Triple Lock. This is an enormous chunk of money that many will struggle to find. Ms Morrissey explained: “These larger pensions over time will lead to better retirement incomes that should make up some of the gap. Let’s also not forget the role employer contributions as well as government tax relief can play in taking the sting out of these figures.

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