What Is The Average Retirement Income In The UK?

20th July 2024

Sam Curtis at The Private Office web site look sat retirement income and what can be expected.

On face value the question of ‘what is the average' is a simple one, the answer is £561 per week (£29,172 p.a.) for a retired couple and £267 per week (£13,884 p.a.) for a single retiree as per the most up to date Government Pensioners' Income figures.

However, these figures do not take into account that everyone's retirement looks different and so the question of ‘what is the average retirement income in the UK' shouldn't be boiled down to an annual figure and should be looked upon through a personal more subjective lens.

The Pensions and Lifetime Savings Association have conducted a study using independent research provided by Loughborough University which looks into Retirement Living Standards in the UK.

The study looks at average retirement income in a more lifestyle focused manner by outlining examples of what specific retirement income groups could look like in more tangible ways. The groups are split into Minimum, Moderate and Comfortable and can be seen below for both single retirees and couples.

The individual nature of retirement income is incredibly prevalent, with the heightened cost of living and uncertainty within investment markets. All in society are experiencing a squeeze on their standard of living as a result of the current situation, and this is particularly impactful for those approaching or at retirement.

Those who are used to living a ‘comfortable' retirement may now be in a position which is more aligned to a ‘moderate’ retirement. These figures have increased dramatically since last year ranging from a 12.5% to 15.5% increase for a single person and 8.3% to 12.5% for couples, which emphasises the need to think ahead to the type of retirement you want and start engaging in planning early on.

Read the full article HERE