Retirees falling short on pensions calculator, says Prudential

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Retirees falling short on pensions calculator, says Prudential

Wed 29th Jun 2011

British pensioners are living on an average of £6,200 a year less than the £22,000 they believe is needed for a comfortable retirement.

This is according to a new survey from Prudential, which indicated that 38 per cent of pensioners find living on their retirement income more difficult than they expected.

The research showed that retirees would ideally like an annual income of £22,000 to support the lifestyle they desire, but the average amount they receive is only £15,800.

"Some pensioners can draw on a range of assets and savings to boost their income and help them enjoy life in retirement, others simply get by on less than they would like," commented Vince Smith-Hughes, head of business development at Prudential.

The survey revealed that 17 per cent of pensioners top up their income by continuing to work on a part-time basis, while six per cent release equity from their homes to support their retirement.

Anna Sofat, chief executive of Addidi Wealth, recently said there is still "quite a bit of confusion" surrounding the pensions system in the UK.

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