Helena, 29, shows the model way to retire early

SUPERMODEL Helena Christensen has announced her retirement from the catwalk at the age of just 29.

With a fortune estimated at pounds 9 million, Helena (right) can afford to take it easy for the rest of her life.

But for the vast majority of us, the idea of giving up work at such an early age is just a dream.

Unless you win the Lottery, you will have to wait until at least the age of 50 - the youngest age at which you can withdraw benefits from your personal pension scheme under Inland Revenue rules.

There are exceptions. If you're a wrestler, dancer or footballer, the taxman allows you to draw from your pension at 35.

Trapeze artists, motor racing drivers, and golfers must wait until they reach 40. But of course taking early retirement is only possible if you have the money to do so.

And the earlier anyone starts putting money in a pension fund, the greater the possibility of retiring early.

Our table shows how the cost of early retirement spirals the longer you leave it.

According to figures from Norwich Union, a 25-year-old wanting to retire at 50 with an annual pension of pounds 20,000 needs to contribute pounds 265.82 a month into a personal plan now.

If they are happy to work for another five years until 55, they should be putting pounds 157.28 into their pension. And if they are prepared to work until the age of 60, they will have to put away pounds 94.11 each month to secure a pounds 20,000 pension.

The later you leave it to start a pension, the more money you will have to pay in each month to provide for a decent pay-out. Norwich Union spokeswoman Liz Maw said: "People should start making contributions as soon as they can.

"As you get nearer retirement age, the shorter time you will have to save, so you'll need to invest more."

Anyone aiming to retire at 50 should make sure their financial advisers set up a pension plan in line with their personal goals.

Before starting a plan, check that there aren't any charges for retiring early.

Even if you don't wish to retire early, you should be sorting out your pension arrangements.

If you don't have a good scheme in place, you may have to rely on the State pension which, by the time you retire, may not even be enough to cover your weekly shopping bill.

Despite this, more than 15 million people in the UK have not got round to saving for their retirement, even though they can afford to do so, according to research by IFA Promotions.

"Some of Britain's young people are spending their way to an unhappy retirement," says Ann-Marie Martyn, chief executive officer of IFA Promotions.

She added: "Apathy and a fear of finance are putting off many of those who should be planning ahead."

If you decide to take out a pension, take independent financial advice first. And when you have one, make regular checks on your pension fund performance.

You may need to boost it further to allow you to retire with as much as you'had hoped.

Or if your plan's performance has been outstanding, you may be able to take retirement even earlier, or reduce the contributions you make to the scheme.

You'should get annual statements from your pension provider which will help give you an idea whether you need to increase your contributions to reach your pension target.

But there are limits to just how much you can put in your pension scheme. Take expert advice to ensure your scheme does not fall foul of Inland Revenue rules.

For most of us, pension planning is likely to be a 30-year business.

Any decisions you make now may need to be looked at again in five, 10 or 20 years time - as your circumstances and needs change.

So choose a pension plan that is flexible enough to change with you.

The Department of Social Security has issued some useful Pension Education leaflets including Pensions for Women, Pensions for Self- Employed, and leaflets on state pensions, personal pensions, occupational pensions and contracted-out pensions. Call 0345 313233.

HOW MUCH WILL IT COST

YOU TO RETIRE EARLY?

(What you would need to put away regularly to get a pension of pounds 20,000-a-year at the age of 50)

At age 25...... pounds 265.82 per month

At age 30......pounds 431.16 per month

At age 35......pounds 733.25 per month

At age 40......pounds 1,388.86 per month

At age 45......pounds 3,478.53 per month

(Figures supplied by Norwich Union)

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