Third of Londoners will retire on income below poverty line’
PUBLISHED: 13:08 14 June 2010 | UPDATED: 16:09 05 October 2010
NEARLY one-in-three people in London planning to retire this year will receive an income below the poverty line, according to research. They will have an annual income of £14,000 or less, says an online retirement survey
NEARLY one-in-three people in London planning to retire this year will receive an income below the poverty line, according to research.
They will have an annual income of £14,000 or less, according to the latest findings from a Prudential Insurance online retirement survey.
Women's expected retirement income is 12 per cent below men's, the findings reveal.
"There is a discrepancy between what people believe is being financially well prepared and the actual income to ensure they are," said the Pru's Vince Smith-Hughes.
"Women are more likely to take a career break when they start a family and possibly the last thing on their mind is how they're going to fund their retirement years.
"But these figures demonstrate those years out of work do have an impact.
"The Government and the retirement savings industry can do more to encourage people to save more into pensions."
Londoners won't do as well on average as pensioners in the Midlands, North East, Wales, East Anglia or even the Home Counties, the survey has found.
But they will do better than those planning to retire in the South West, North East and Scotland.
A single person in Britain needs an income of at least £13,900 a year before tax to afford a basic, but acceptable standard of living, according to the Joseph Rowntree Foundation.
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