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2012 retirees £1,000 worse off

1/16/2012

Those who retire during 2012 are forecasted to have an average annual income of £15,500 to live on – approximately £1,000 less than those retiring last year.

According to research conducted by Prudential, retirement incomes have fallen dramatically over the past year.

Vince Smith-Hughes, Prudential’s retirement income expert, explained that the current economic climate has contributed to a “perfect storm” for those nearing retirement age. He added: “The impact of the credit crunch, banking crisis, recession, and concerns over the eurozone, has been reflected in the fact that expected retirement income levels have hit a five-year low.” According to the expert, it is “concerning” that predicted incomes are falling whilst pensioner spend is increasing as a result of the recent hike in fuel, gas and electricity prices.

As a new year’s resolution, 40 per cent of people are attempting to look after their cash better, according to research conducted by Skipton Building Society. In recognition of this, Mr Smith-Hughes advised individuals to appoint a personal financial adviser to get the most out of retirement incomes and ensure the right monetary decisions are made.

Categories; Current UK Economy, Retirement Money Problems,