Tougher for Londoners to Push out the Pension Boat; Living in the Capital and Heading for Retirement? Simon Read Has Some Shock Statistics for You

The Evening Standard (London, England), June 18, 2013 | Go to article overview

Tougher for Londoners to Push out the Pension Boat; Living in the Capital and Heading for Retirement? Simon Read Has Some Shock Statistics for You


Byline: Simon Read

LONDONERS are heading for a pension crisis as they could need five grand a year more in retirement than the rest of the country -- but their income is likely to halve when they stop working.

New figures revealed to the Evening Standard show the full scale of the financial disaster facing most of us in the capital. The average amount adults in London say would be enough to maintain a comfortable standard of living during retirement is [pounds sterling]30,579.90 per year, according to wealth adviser Towry, compared with [pounds sterling]25,783.87 across the country.

To get that standard of income, Londoners would need to build up a nest egg of [pounds sterling]706,500 while nationally the figure falls to [pounds sterling]581,000. But analysis by annuity experts Partnership suggests that Londoners can expect their regular income to fall by a half when they retire, 10% more than the UK average.

For those in the City of London the prognosis is even more alarming, with their income set to be 71% less in retirement.

However, that's mainly because the average employment income in the capital is considerably more than elsewhere in the country.

The average across London is [pounds sterling]23,100 while in the City it soars to [pounds sterling]57,600. Pension income across London will fall 48% to [pounds sterling]12,000. In the City, it will slump 71% to [pounds sterling]16,800.

Across the country, the average fall is 39%. In the North, it's about 36% and in Wales just 33%, meaning the financial shock of retirement will be much less dramatic. Even in Newham in East London, which has the lowest average employment income in the capital of just [pounds sterling]17,800, the retirement gap is still higher than the national average at 41%.

The figures point to the importance for most Londoners of planning for the day you retire to ensure that it doesn't prove to be a massive financial shock.

"Many of those in London who think they are on track with their savings could be advised to commit more of their finances to their pension pot if they want to get near to maintaining their current lifestyle in retirement," Chris Cole of Towry warns. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Tougher for Londoners to Push out the Pension Boat; Living in the Capital and Heading for Retirement? Simon Read Has Some Shock Statistics for You
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.