Higher expected income for those retiring in 2014
Research carried out by Prudential has found that people retiring in 2014 expect an average income of £15,800 a year. This is £500 higher than those who retired in 2013 and is the first increase since 2011.
Previous figures show that the average expected income for those retiring in 2008 was £18,700 a year. Due to the effects of inflation, in order to get buying power equivalent to that in 2008, a person retiring in 2014 would need an income of £22,400 a year.
If you hope to have a comfortable retirement, it is important to start saving as soon as possible. Starting from October 2012, all employers, starting with the largest, had to automatically enrol all their eligible employees into a pension scheme. If your employer has not yet reached their date to do this, or if you are self-employed, you could take out your own pension.
Our aim is to make pensions accessible to everyone, so if there is anything that you would like to know about pensions, we are here to help you. To discuss any pension-related issue: