What is the average income in retirement for today’s retirees… where is the income coming from, which regions are doing best and what trends can we see emerging? New data from the ONS reveals all. The Family Resources Survey (FRS) for the financial year ending (FYE) 2023 has just been published by ONS and it makes for fascinating reading – especially as it looks at key trends since 1995. The report examines how much income pensioners receive each week and where they get that income from. It looks at how their incomes have changed over time and variations in income between diffe ..read more

March marked the tenth anniversary of the announcement of “Pension Freedom and Choice” reforms which, along with Auto-Enrolment, represented the two major shifts in pension policy enacted under George Osborne. What have been the long-term impacts for savers? asks Tony Watts OBE. Up until then, savers reaching retirement were all channelled down the annuity route. Safe… but during times of annuity rates, hardly exciting. Instead, as from April 2015, those over 55 were free to invest their pension cash however they liked – and enjoy a tax-free withdrawal on 25 percent of it if they chose to do ..read more

It’s not just how much you earn that helps individuals enjoy a “resilient retirement” as a new survey has just revealed… While how much you earn will play a big part in helping individuals and couples enjoy a comfortable retirement, other factors do come into play according to new research from Hargreaves Lansdown, published as part of their latest Savings and Resilience Barometer. For instance: Homeowners (51%) and couples without children (47%) are doing better than average when it comes to being on track for a “moderate retirement income” as defined by PLSA’s Retirement Liv ..read more

A new study, from the Pensions Management Institute (PMI), shows that almost a quarter (24%) of people think they will have to delay their retirement and a further 23% have reduced their pension contributions. One in 20 people questioned (5%) say they have stopped making pension contributions entirely. The PMI is the professional body that supports and develops the experts who run UK pension schemes, and their survey also revealed some other significant stats and trends on retirement saving. For example, two-thirds of those surveyed felt they did not have the knowledge required to choose their ..read more

A new report has laid bare the gap in pension pot sizes between men and women at retirement – and how many more years women would need to work to make up the shortfall. New research from the Now Pensions and the Pensions Policy Institute (PPI) shows that, on average, UK women need to work an extra 19 years in order to retire with same pension pot as men. The research also shows that by the time women reach retirement age (67), they will have average pension savings of just £69,000, or £136,000 less in pension savings than the average man, who will have saved £205,000 in the same period. This ..read more

Being able to work for as long as you need in order to secure a financially secure retirement could become a lot easier after new employment laws come into force in April, writes Tony Watts OBE. But it will require flexibility from employers as well as employees. “The best laid schemes o’ mice an’ men gang aft a-gley,” wrote Robert Burns some 240 years ago. And while the great Scottish poet may not have been specifically thinking about planning one’s retirement in the 21stcentury when he penned those words, they are still very relevant. Because no matter how carefully you might think you’ve p ..read more

New figures released by the Pensions and Lifetime Savings Association (PLSA) show that the amount we need to save for our retirement has shot up in the last year, as rising food prices and energy bills drive increases in the cost of living during retirement. The PLSA says that income required for the “minimum” Retirement Living Standard (RLS) increased in the last 12 months from £12,800 to £14,000 for a single person and £19,900 to £22,400 for a couple. This standard allows a retiree a week’s holiday in the UK each year and leisure activities about twice a w ..read more

New figures show only 30% of high earners are on track for a comfortable retirement. New statistics from the HL Savings and Resilience Barometer show that less than a third (30%) are on track for a “comfortable” retirement. This compares to only 13% of households overall. Even when it comes to achieving a “moderate” retirement income only 69% of higher income households are on track – better than the number for households overall (39%) but still short of many people’s expectations. This means many higher income households may have to significantly reduce their expenditure in retirement from w ..read more

A bill currently working its way through Parliament could have huge implications for anyone in receipt of a state benefit – and that will include the state pension. Anyone who has watched the film “Minority Report” will know that it portrays a time when a specialised police department can predict which people are likely to commit a crime, and arrests them before they get a chance to do so. The sweeping changes that will come in if the UK’s new data protection and digital information bill is passed in its current form does feel a bit like another big leap towards that dystopian future. The DWP ..read more

Adding life to our years is just (if not more!) important than adding years to our life. And regular health check-ups can help us achieve both – by catching conditions early and by telling us in good time whether or not we need to make lifestyle changes. Here’s a rundown of the most important ones, compiled with the help of leading health and life insurance comparison website Usay Compare. What are preventative screenings Preventive screenings are medical tests conducted to identify and monitor potential health problems before they progress into more severe diseases. Common preventive screeni ..read more