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Average incomes to drop by more than a third on retirement

The average pensioner in the UK will see their income fall by over a third once they enter retirement and stop working.

The UK average however will look appealing to those who live in London, who will on average lose 50pc of their regular income when they choose to retire. The data released from Parntership was researched by HM Revenue and Customs, and further highlights issues raised recently about workers in the UK retiring, only to be forced into a life in which their income leaves them below the poverty level.

This will come as a nasty shock to many, and further highlights the need for today’s workforce to start saving for retirement as early as possible in order to save as much as possible for when they start taking their pension.

Andrew Megson, managing director of retirement at Partnership, said: “While people in retirement are likely to have fewer outgoings, it is still hard to imagine that anybody would not feel the pinch of they lost a third of their income overnight.

“In addition, many will have to stop working earlier than they intended because of health and lifestyle issues so may miss out on the opportunity to make additional financial provision and they are likely to find the gap is even more profound”.

If you have any questions about your pension, or the benefits you are set to revive in retirement, please contact one of our advisors who will be happy to help

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