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In fact, it takes most of our working lives to earn £1million, which is finally racked up at the not-so-tender age of 56 years and six months. Along the way, we'll hand over £212,300 in
tax and national insurance, shows data from the Office for National Statistics analysed by insurance giant Prudential. Highlighting the disparity in wages, men reach the milestone almost
two decades earlier than women. The average British male worker has earned their million by 50 years and eight months, while women hit the goal at 69 years and seven months. However, women
are shrinking the gap, having reached the sum nine months earlier in last year's figures than in research calculated in2013. In 2012, the average women had not earned £1million before
72 years and six months. By comparison, men only reached £1million in earnings one week earlier last year than in 2013. Stan Russell, a retirement expert at Prudential, said:“Earning £1
million in a lifetime may seem improbable to most people when they start out on the career ladder, but with steadily increasing earnings and longer working lives it is a milestone that is
becoming more achievable. “However, even in the early years of work the decisions made about saving and spending can have a big effect on finances later in life. The message is simple, for
the best possible retirement income it’s important to save as much as you can afford from as early as possible in your career.”