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Want to retire at 60? I think these 2 FTSE 100 shares could help you beat the State Pension

Retiring at 60 may sound like an unachievable goal for many. After all, the State Pension age is set to rise to 68 over the next two decades, while a high cost of living in many parts of the UK makes it difficult to plan sufficiently for retirement.

However, a number of FTSE 100 shares could offer strong long-term growth prospects at the present time. Investor sentiment is relatively weak, which could lead to wide margins of safety on offer.

With that in mind, here are two large-cap shares that appear to be undervalued given their growth prospects. As such, now could be the perfect time to buy them.

WPP

The recent performance of advertising and communications company WPP (LSE: WPP) has been relatively disappointing. For example, in its most recent update, it reported a decline in like-for-like revenue of 0.6%.

However, the changes being made to the business could lead to rising sales and profitability in the long run. It’s seeking to simplify its asset base through a series of disposals that have seen it offload 44 businesses in the last 15 months. This could create a leaner and more efficient operation that’s better suited to a rapidly-changing wider economy.

Of course, WPP is a highly cyclical company that may be negatively impacted by a potential slowdown in the global economic growth rate. While this could cause a degree of uncertainty for the stock, its price-to-earnings (P/E) ratio of 9.7 suggests it offers good value for money.

Certainly, it may take time for its growth strategy to have the desired impact on its bottom line. But with a strong position in a number of key markets, WPP may offer capital growth potential over the long run.

Morrisons

FTSE 100 retailer Morrisons (LSE: MRW) also appears to offer long-term growth potential. The company’s recent update showed it’s making progress in growing its wholesale supply initiatives, as it seeks to reach £1bn in wholesale revenue. It’s also investing in its online growth potential through the expansion of its store on Amazon.

The company is gradually reducing its debt levels as it seeks to de-risk its balance sheet during a period of intense competition and change for the wider retail sector. This may provide greater financial flexibility to invest in online growth opportunities, as well as enhance its appeal to a broad range of customers.

Morrisons is seeking to expand its convenience store presence in order to increase the size of its potential customer base. This has the potential to boost its financial performance, with the company forecast to deliver a rise in earnings of 7% in the next financial year. Since it trades on a forward P/E ratio of 13.5, it seems to offer good value for money at the present time.

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Peter Stephens owns shares of Morrisons and WPP. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.