UK Money News
30th January 2008
Pensioners face £5k income gap
People retiring in Britain this year will be living on £5,000 less than the average income, research has shown.
Figures from the pensions and investment provider, Prudential, reveal that new British pensioners will be surviving on £18,663, which is well below average earnings.
Men will do slightly better than women, bringing in £20,790, women will be surviving on little over £11,000.
"When the effects of inflation and increased longevity are taken into account, many of those retiring this year will find their retirement income becomes more stretched as they get older," said Gary Shaughnessy, managing director of retail life and pensions at Prudential.
"To counter this, it is vital that people take time when considering their retirement income options.
"Often people feel that it is too late to make a difference, but that’s not the case. There are tax breaks leading up to retirement that many people fail to utilise," he added.
Less than half of those people planning to retire this year said they thought their pension would enable them to have a comfortable lifestyle.
More than one in three (36 per cent) said their pension, including any state benefits, would not support the kind of life they wanted.
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