Claire Trott, divisional director for retirement and holistic planning at St. James’s Place, comments on the 2021/2022 Pensioners Incomes Series data, published today.
She said: “The disparity between single and couple household pensioner incomes shows the extra pressure on those who have a single income. With those in a couple having more than double the income of a single household, this may also be because of the ability to plan better with two incomes when saving and working together to build a better retirement.
“Older pensioners have a lower income than younger ones, which reiterates the need to be mindful of saving and spending. Advice can really help plan the structure of income in retirement to ensure that you don’t run out when you may need it most. This may also relate to the types of available savings and the changes to the state pension provision, with the flat rate state pension higher than the basic state pension.
“Although those with the old basis state pension may have been able to enhance their benefits through SERPS. It again shows the need to understand what you have, and what you can do to top up your income and savings when it is right for you.”
