Pension Millionaire

When Mick Jagger receives his first state pension payment this month he will be joining 12 million other pensioners as the state pension celebrates its 100th birthday this month.

It’s come a long way in 100 years as the most you could receive back then was 25p, the equivalent of just under £20 now. Today a full pension is worth £90.70 but despite being worth four times more than back in 1908 it wont fund a lavish lifestyle.

Assuming I was to retire today and save every one of my pension payments towards my goal of becoming a millionaire it would take over 119 years to become a millionaire (that is of course assuming the government continued increasing the state pension in line with inflation).

Although life expectancy continues to rise the average pensioner only enjoys 24 years of retirement on a state pension, so it looks like I had better delay my plans for early retirement if I ever want to become a millionaire!