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Later Life Income

A new report by the Resolution Foundation has given rise to some interesting headlines suggesting that when it comes to income, pensioners have outstripped those in work. The report looks at the different levels of household income for successive generations as well as the income inequalities which appear within different generations.

Whilst it is true that the report highlights the fact that those of pension age now have a higher average income than those of working age, it also reflects on the fact that those of pension age may not be relying solely on their pensions as a means of income. In fact, one in five ‘pensioner households’ include one or more people in employment; effectively supplementing pension income with employment income. This together with high levels of occupational pensions and 73% of pensioners owning their own homes accounts for the rise in apparent wealth for the current pension age generation.

However, the report counsels against complacency with lower levels of access to final salary pension schemes and falling levels of home ownership for millennials leading to potentially lower levels of income when today’s younger workers reach pension age.

If you’re looking for pensions or investment advice to help secure your finances in later life, or if your situation has changed and you may therefore need to review your existing investments, contact Beckworth by using one of the links on our website.