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Good news for Britons planning to retire this year: according to recent data, average retirement income for workers looking to retire hit a new high of £19,000, writes Jane Bradley for The Scotsman.
That’s £1,000 more than the average for new retirees last year and higher than before the Great Recession of 2008, according to a report from Prudential.
“The figure … now stands at its highest level since the survey began in 2008 and after five consecutive years of rising incomes,” she writes.
It’s been a steady rise in retirement income levels since they hit a low in 2013, when they dropped to £15,300.
“The new record high for expected retirement incomes is good news for people planning to retire this year highlighting how saving for the future is paying off. The 10 per cent rise from last year is even more impressive given the economic and political uncertainty that savers are having to cope with,” Vince Smith-Hughes, a retirement income expert at Prudential, is quoted saying.
More: Uncertainty undermines confidence of ‘Class of 2018.’ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions
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