Millennials are dreaming of early retirement – but few have a plan (or a will)

Recent research suggests that a large number of young professionals are ambitiously aiming for an early retirement. To effectively plan for the future, however, many are missing out some key steps.

At Willans, we regularly speak to clients in their 30s and 40s who are optimistic about the future with many even hoping to retire early. Yet, few have considered the legal frameworks that need to be in place to support such ambitions.

Recent research by Legal & General highlights a growing disconnect between millennials’ retirement aspirations and their current levels of planning. While their financial goals may be bold, the steps required to achieve them – both financial and legal – are often overlooked.

Retirement ambitions: Ambitious goals, inadequate planning

According to Legal & General’s survey of over 2,000 UK adults, millennials (typically aged 27 to 42) are among the most forward-thinking when it comes to retirement. Nearly 70% expect to stop working before the current state pension age, and younger respondents aged 22 to 32 are even more ambitious, with almost one in five hoping to retire by 60.

However, the data also reveals a significant shortfall in preparation. To retire early, the average millennial would need to increase pension contributions by around 14% of their income, equivalent to an additional £312 per month. Even retiring at 67 would require a 3.5% uplift.

As Paul Johnson, Director of the Institute for Fiscal Studies, aptly puts it: “Younger generations expect to be like the older generations… when it comes to pensions… the truth is they probably won’t.”

This raises a critical question: if many millennials are not yet financially equipped for retirement, how many have taken the necessary legal steps to protect their future?

The missing piece: Legal planning

In our experience, many millennials – despite being financially savvy and career-focused – have yet to put in place essential legal documents like wills or lasting powers of attorney (LPAs). These omissions leave them and their loved ones vulnerable.

Without a valid will:

• your assets may not go to the people you intend
• unmarried partners are unlikely to inherit anything under intestacy laws
• guardianship for minor children may not be formally assigned
• the probate process can become more complex, costly, and time-consuming.

Without an LPA:

• nobody can legally manage your finances or make medical decisions on your behalf if you lose capacity
• your family may need to apply to the Court of Protection – an often lengthy and expensive process.

Even pensions, often assumed to be straightforward, can be misaligned with your wishes. Few people realise that pension pots do not automatically pass according to your will, and may not go to your intended beneficiaries without up-to-date nomination forms in place.

How we can help

At Willans, our team helps individuals and families plan for the future with confidence. We offer expert legal advice on:

• Wills and estate planning – Ensuring your wishes are clearly documented and your estate is handled tax-efficiently.
• Lasting Powers of Attorney (LPAs) – Appointing someone you trust to act on your behalf, should the need arise.
• Trusts and inheritance planning – Structuring your estate to manage wealth across generations.
• Cohabitation and family protection – Particularly important for unmarried couples, who are not covered under the intestacy rules.

We also collaborate with financial advisers to ensure your legal and financial strategies work in harmony.

Take control of your future

It’s encouraging to see younger generations thinking ahead, but achieving the retirement you want takes more than just saving – it requires thoughtful legal planning to ensure your wealth is protected and passed on according to your wishes.

Whether you’re hoping to retire early or simply want to safeguard your family’s future, we’re here to help you put the right structures in place. The earlier you start, the more options and peace of mind you’ll have.

Our Legal 500-rated wills, trusts & probate team has the expertise to help you plan for the future and guide you through any difficult challenges that may arise, including those relating to pensions and inheritance.