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Average retirement income is below minimum wage

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Average retirement income is below minimum wage

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  • With an average pension income of just £8,774, new retirees can expect their income to drop by two thirds upon leaving the workplace.
  • The report indicates that working Brits are choosing to delay their retirement rather than put more money away
  • Retirees are also leaving the workforce with more debt. LV= found that 12 per cent of retirees have credit card debts, while 7 per cent have an outstanding mortgage and 5 per cent are overdrawn.

Read the full article here on Your Money

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