Over the past decade, the average income of retired couples has climbed by approximately 7% in real terms, with the income of the wealthiest fifth increasing by 4% and that of the poorest fifth increasing by 7%.

It is heartening that elderly incomes have improved in real terms over the past decade. However, in the current climate, when inflation has lately reached double digits, it is more difficult to make money last. If you are able to continue to pay attention to your long-term pension savings, it will be incredibly beneficial by the time you reach retirement, despite the fact that the current economic climate may cause you to focus solely on short-term finances.

Please contact us for more information on how we can help protect your future financial well-being and the options available to you.

Source data: [1] According to Pensioner Income Series Data –https://www.gov.uk/government/statistics/pensioners-incomes-series-financial-year-2020-to-2021/
pensioners-incomes-series-financial-year-2020-to-2021

[2] 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.