INTRODUCTION

Yesterday we looked at how more people between 65 and 74 are still working than there was 6 years ago. This is because the State Pension age was raised from 65 to 66 between December 2018 and October 2020, and it is expected to rise further in the future. The increase has disproportionately impacted people aged 65 to 74, who have been directly impacted by the change over the last six years.

In 2016, 96% of people in this age group reported that the State Pension provided some of their income, compared to 71% now. This represents a 25% reduction in the proportion of people in this age group who receive a portion of their income from the State Pension.

Visit us again tomorrow as we explore alternative sources of income, or alternatively, contact Woodward Markwell for further information and see how we can help you weather the current economic climate.

Source data: [1] Aviva Real Retirement Report conducted by ICM Unlimited April 2016. 1,506 general consumers aged 45+ Research conducted by Censuswide April 2022.