Struggling in Retirement; People Planning to Retire This Year Expect to Be Living off the Lowest Average Incomes Recorded in Six Years, an Insurer Has Warned. VICKY SHAW Examines the Drop in Income for Older People
RETIREES in the North East this year will have an average income of PS15,100, making them around PS3,500 a year worse off than workers who retired in 2008, Prudential said.
The gap becomes much worse when taking into account the effects of inflation eating into people's budgets.
Someone who retired last year would have needed an annual income of PS21,400 to have the same spending power as an average person who entered retirement in 2008 on a typical income of PS18,700, Prudential said.
But the average amount people retired on last year was PS15,500, leaving them PS5,900 worse off in real terms than workers who retired in 2008.
Across Britain there …
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Publication information: Article title: Struggling in Retirement; People Planning to Retire This Year Expect to Be Living off the Lowest Average Incomes Recorded in Six Years, an Insurer Has Warned. VICKY SHAW Examines the Drop in Income for Older People. Contributors: Not available. Newspaper title: The Journal (Newcastle, England). Publication date: January 10, 2013. Page number: 23. © 2009 MGN Ltd. COPYRIGHT 2013 Gale Group.
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