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UK / One in five retiring in 2013 in poverty

Study by Prudential finds many people are facing a bleak financial outlook, with 14% relying solely on state pension

One in five people retiring in Britain in 2013 will fall below the income poverty line according to a study by Prudential, which also found that nearly a quarter of women will enter retirement entirely dependent on the basic state pension.

Prudential’s Class of 2013 research, based on interviews with 8,676 over 45-year-olds and another 1,007 people retiring this year, found that many are facing a bleak financial outlook.

One in seven (14%) people planning to retire in 2013 will depend on the state pension, currently a maximum of £110.15 a week, as they have no other pension arranged. Among women the figure rises to 23% compared to 8% of men.

Even those with a small private pension may still be below the poverty line, which the Joseph Rowntree Foundation estimates to be £8,254 a year for a single pensioner in the UK. Prudential found that 18% of people retiring this year would have an income below that level.

Chosen excerpts by Job Market Monitor

Guardian

via One in five retiring in 2013 ‘will be below poverty line’ | Money | guardian.co.uk.

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