Property News · April 9, 2014

One in seven people retires with no private pension


Women three times more likely to have no retirement savings, Prudential finds – while many over-estimate state pension sizeOne in seven people will retire with no pension other than the basic state pension, according to research by Prudential, with women three times more likely than men to have no savings for retirement.Many people over-estimate how much they will receive from the basic state pension and will live their lives in retirement in poverty, the report warns. According to the Joseph Rowntree Foundation, a single pensioner needs at least £8,600 a year to reach a minimum socially acceptable standard of living, while a retired couple needs an annual income of more than £12,500. But the basic state pension is equal to just £5,881.20 for an individual or £11,762.40 for a couple. Continue reading…

Source : theguardian.com
Read more…One in seven people retires with no private pension

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