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Bank charges: Smoking could cost Brits £62,000 over lifetime

Smokers are not only knocking time off their lifespan, but also reducing their income by tens of thousands of pounds, leaving less money to cover other outgoings, such as utility bills and bank charges.

Annuity providers Partnership found that Brits could save as much as £62,000 if they had not smoked ten cigarettes a day for the majority of their life.

What's more, the firm explained that a retiree would need a pension pot of £36,000 just to cover the costs of smoking ten a day during their later years.

"Enhanced annuities can make a significant difference to someone's retirement income, so if you are a smoker and approaching retirement, make sure that you declare it," said Andrew Megson, director of retirement at Partnership

Research from the British Medical Journal found that one cigarette can knock 11 minutes off someone's life expectancy. If an individual smokes ten per day between the ages to 20 and 65, they will have knocked three years, 160 days, 14 hours and 30 minutes off their lives.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801505955-ADNFCR

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