Having to retire early for whatever reason – especially ill-health – can be a very daunting situation. If you may no longer be able to work, you will naturally be concerned your financial future will be compromised.
You can usually retire from the age of 55 – but your State Pension will only become available to you when you reach the defined age (at least 65, this will be later for most people born after 1953).
However, if you’re retiring as a result of ill-health, you may be able to take your own Pension benefits before the age outlined by your Pension provider.
If you have serious ill-health or limited life expectancy of less than a year, then with HMRC approval, you are able to retire at any age and take your Pension in a variety of ways. We can advise you of your options at such a difficult time.
Your State Pension, Workplace Pension and any Personal Pensions may be less if you retire early than if you were to continue working. Getting the right advice and guidance on your journey to early retirement is crucial in securing the best financial outcome for you and your family.