Residues of expectation from pre-credit crunch days are circling the drains it seems, according to figures just released detailing incomes for retirees.
In 2008, average retirement income, including occupational, private and state retirement pensions, was £18,600 in Britain. However, following a largely consistent downward trend since then, today’s expected annual figure is £15,500 (£1,100 less than in 2011), according to research by Prudential. The data also found that one in five pensioners will budget in less than £10,000 per annum.
Predictably, there are regional disparities in retired people’s anticipated incomes: Londoners expectations are the UK’s highest at £17,900, while at the bottom end is Yorkshire & Humberside on £12,800 (almost £100 per week difference).
Regional breakdown
| REGION | AVERAGE EXPECTED ANNUAL RETIREMENT INCOME |
| London | £17,900 |
| Wales | £17,100 |
| South East | £17,200 |
| Eastern | £17,000 |
| North East | £16,700 |
| South West | £15,100 |
| North West | £14,500 |
| East Midlands | £14,400 |
| Scotland | £14,200 |
| West Midlands | £12,900 |
| Yorkshire & Humberside | £12,800 |
| UK average | £15,500 |
Sample size for Northern Ireland too small to be included
Expected retirement income since 2008
| CLASS OF… | AVERAGE EXPECTED ANNUAL RETIREMENT INCOME | ANNUAL PERCENTAGE CHANGE |
| Class of 2012 | £15,500 | -6.2% |
| Class of 2011 | £16,600 | +0.03% |
| Class of 2010 | £16,500 | -7.1% |
| Class of 2009 | £17,800 | -4.5% |
| Class of 2008 | £18,600 | N/A |
Retirement income rounded to the nearest hundred, but percentage change based on raw numbers
