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Credit card charges: Smokers could save a considerable sum by giving up the habit

As well as living for an average of three and a half years longer, smokers who quit can also expect to save as much as £131,000 towards their retirement, according to a new report.

Enhanced annuity provider Partnership found that a 30-year-old who smokes ten cigarettes a day and started at age 20 and continued to retirement at 67 would have spent £61,002 on their habit. If this was put into a pension at three per cent annually, it would reach a total of £131,000.

What’s more, smokers would need £36,000 in their pension to cover their ten cigarettes a day habit during retirement, even though they would receive an increased pension annuity due to a lower life expectancy.

"Enhanced annuities can make a significant difference to someone's retirement income, so smokers approaching retirement [should] 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,” said Andrew Megson, director of retirement at Partnership.

People that give up will find they have more money available to cover other expenditures, such as credit card charges.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801513029-ADNFCR

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