Latest Debt News
Half of pensioners are living on less than £6,000 per year
15/04/2008 11:12:00
Up to half of the UK's single pensioners are being forced to live on less than £6,000 per year, according to new government figures.
Findings from the Office of National Statistics (ONS) show that 62 per cent of married retirees have a combined income of less than £10,000 each year.
Although two thirds of pensioners receive some sort of private pension, this only accounts for £1,000 or less of their income per annum.
Rachel Vahey, head of pensions development at Aegon, said: "The golden era of retirement is coming to an end and many people are anxious they won't have enough money to provide for old age."
However, the good news is that the vast majority are facing up to reality and are prepared to work for longer to make up the shortfall, she added.
Meanwhile, further research from Aegon showed that less than half of a 1,000 pensioners said they felt happy when they woke up on the first day of their retirement.
© Adfero Ltd