131,000 ‘pound' reasons to quitting smoking

Partnership, one of the UK's leading enhanced annuity providers, is encouraging smokers to quit smoking as it can cut three and a half years of your life and £131,000 in retirement funding.

One cigarette cuts life expectancy by 11 minutes on average; or 1 hour 50 minutes per packet of 10. By 65 a smoker who started age 20, retiring in 2013, will have wiped 3 years, 160 days off his life.

Partnership's analysis shows that a 10 a day, 30 year old who started smoking aged 20, and continued to retirement at 67 will have spent over £61,000 on cigarettes. Had he invested that money in a pension growing at just 3% annually he would have saved over £131,000.

And, despite receiving more for their pension annuity due to reduced life expectancy, a male smoker would need at least £36,000 in their pension just to cover their 10 a day habit in retirement.

If however you have smoked and are approaching retirement Partnership advises everyone to seek advice as they could receive up to 40% extra retirement income due to the combination of smoking and smoking related conditions such as COPD, heart disease or emphysema.

Andrew Megson, director of retirement at Partnership, said; "Enhanced annuities can make a significant difference to someone's retirement income, so smokers approaching retirement, make sure they declare it. But, more importantly if you smoke try to quit as the benefits to your life expectancy and finances are astronomical."