Pension income to fall again

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EXPECTED incomes for people due to retire this year in the North East have fallen, according to new research.

The average income for retirees will be £15,100, £1,600 less than last year.

Vince Smith Hughes, retirement expert at Prudential, which conducted the survey, said: “People entering retirement this year are continuing to feel the squeeze as their expected incomes have fallen for the fourth time in five years, to a new low.

“The continuing trend is even more concerning, when you consider that rising inflation is eroding pensioners’ spending power in real-terms.

“Wherever possible, people entering retirement should consult a financial adviser or retirement specialist, who will be able to talk them through all of the retirement income options available to them.

“Those still working should think about saving as much as possible as early as possible, to give themselves the best chance of building up a decent pension pot.”