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Kelly Vowles has for a long time wanted to retire before 50. But her dream has a price: she is saving aggressively, working long hours and spending little to enable leaving work almost a decade ahead of official retirement age.
For a new generation of Brits, the traditional retirement age of 66 is getting old. Some of the youngest members of the British workforce are saving more and spending little so they can leave work ahead of schedule., some wealthy youngsters are rebooting their financial ambitions and aiming to retire earlier than older generations, new research has found.
“There is a clear generational shift in financial-planning attitudes,” said Kenny Cummings, wealth planner at Brown Shipley. “Younger generations are prioritising early retirement and taking proactive steps to secure their longer-term wealth goals. But that hasn’t stopped young people like Jordan Lee to opt for putting his feet up early. Jordan, who dropped out of school as a teenager, would ideally like to retire at 40. That would be possible, he reckons, as he currently can save around £25,000 a month.
The downside of retiring early, according to financial advisers, is that it can pose a risk to financial security. Since many early retirees rely solely on income from stocks, bonds or real estate for living expenses, sudden market downturns can pose a threat to their plans.
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