1. ITV Report

Wales named as early retirement capital of UK

Experts have warned people in their 30s and younger that they may not draw their pension till their 70s Credit: PA Wire

Wales is the early retirement capital of the UK, according to Prudential.

A survey by the insurance company found nearly three quarters of people in Wales retiring this year would be doing so earlier than their projected state pension age, or company pension scheme retirement date.

Those results were echoed across the UK.

The survey also found many people were willing to take a hit on their expected retirement income in exchange for giving up the daily grind - to the tune of £1,250 a year.

Those who are planning to work until their retirement date expect to finish work on an income worth £18,900 each year, compared with the £17,650 expected by people retiring early.

While Wales had high numbers (71%) of people retiring early, the South East of England was found to have the lowest levels - 53% retiring early

71% of people in Wales retiring in Wales this year will do so before their projected pension age Credit: PA

Experts have recently warned those aged in their 30s and younger that they may eventually face the possibility of drawing their pension for the first time in their 70s.

And with many people now getting on the housing ladder later in life, having a mortgage still to pay off may prevent some from retiring early.

Here are the percentages of people retiring this year who will be doing so early, according to Prudential.

  • Wales - 71%
  • London - 70%
  • Yorkshire and Humberside - 67%
  • East Midlands - 63%
  • West Midlands - 59%
  • South West - 59%
  • Scotland - 58%
  • North West England - 58%
  • Eastern England - 57%
  • North East England - 56%
  • South East England - 53%