According to recent research by the Prudential, the average pensioner income in the UK is just over £13,500.
Currently, there are around 10 million pensioners in Britain with only 3% having income of £40,000 or more. One third of pensioners survive on £10,000 a year or less.
As with all surveys, where you live matters. This time the more well off pensioners live in Wales and the less well off live in the North.
Almost everyone surveyed admitted that their income had fallen from pre-retirement levels and a significant proportion said they lost sleep over their money.
Our view:
Plan for retirement yourself. Take professional, independent advice and implement the recommendations you feel comfortable with. Try to look forward to see what income you will need in retirement and how much you will actually have. The earlier you start saving, the less painful it will be.
Learn more about pensions in the Pensions Adviser.com.
Why not use our range of calculator tools? If you need help contact us for detailed advice or why not use our low cost Ask An Adviser service?