13th December 2022
Income For Life
Continuing our look at the factors that are important when planning your retirement income we look today at what consitutes an income for life.
The top fifth of retiree couples, meanwhile, earn pension incomes of £704 per week, necessitating a savings pile of £660,000 to secure the same type of annuity and ensure a lifetime income. The sum required to purchase a ‘index-linked’ annuity, which grows income in step with inflation, is significantly greater; but, the resulting income is more likely to maintain pace with cost rises.
The investigation is conducted at a time when annuity rates are, however, growing. Since the beginning of the year, rates are predicted to have increased by 25%, allowing savers to obtain larger incomes from their investments.
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Source data:  According to Pensioner Income Series Data –https://www.gov.uk/government/statistics/pensioners-incomes-series-financial-year-2020-to-2021/
 Figure is based on Standard Life internal analysis of market annuity rates as at July 2022
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN IMPACT ON THE
LEVEL OF PENSION BENEFITS AVAILABLE. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.