UK pensioners are
living on an average of £6200 a year less than the £22,000 they say
they need to live comfortably, with two in five (38%) finding
living on their re
UK pensioners are living on an average of £6200 a year less than
the £22,000 they say they need to live comfortably, with two
in five (38%) finding living on their retirement income harder than
they originally expected.
New research for Prudential exploring attitudes to retirement
reveals that pensioners would ideally like an income of £22,000 a
year in order to live comfortably. But in reality, the average
income they receive is just £15,800.
Those pensioners who find it more difficult to make ends meet
use a range of ways to boost their disposable income. Some 17% of
pensioners continue to work part-time, 12% have downsized their
property, 6% released equity from their homes, and 5% sell other
assets to raise funds.
Despite all of this, most retired Britons maintain a positive
outlook - 70% say they enjoy retirement and one in four (25%) say
they are keen to spend their money while they still can.
Almost half (48%) have already spent some of their pension pot
on home and garden improvements and a third (33%) have spent it on
regular holidays and travel. In addition, 13% have already given a
substantial amount of their retirement income to their
Vince Smith-Hughes, Head of Business Development at Prudential,
said: "While some pensioners can draw on a range of assets and savings to boost their income and help them
enjoy life in retirement, others simply get by on less than they
"Recent returns on property and equity investments have been uncertain and we
therefore strongly encourage people who are currently saving
for retirement to seek financial advice to ensure they have an
appropriate range of savings in place.
"As people are living longer and need to fund more years in
retirement, it is increasingly important to seek advice from
professionals and put by as much as possible, as early as