Retirement incomes hit a new record high

Location: London

Date: 12 January 2018

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

  • Good news for the 2018 retirees who are retiring with  £19,900 a year - the highest average on record
  • Retirement woes still continue - Nearly half are worried about their preparations for retirement 
  • Initial findings from the 11th year of Prudential’s Class of… research 

People planning to retire this year are expecting to live on an average annual income of £19,900, according to the latest research by Prudential¹. The figure now stands at its highest level since the survey began in 2008 and after five consecutive years of rising incomes.

Each year Prudential conducts its unique research into the financial plans and aspirations of people planning to retire in the year ahead. This year’s retirees – the Class of 2018 – expect an income 10 per cent higher than those who gave up work in 2017, whose average expected annual retirement income was £18,100.

Expected retirement incomes have now risen consistently since 2013 when they hit a low of £15,300. Prudential’s annual study, now in its eleventh year, shows that expected incomes have now passed their pre-financial crisis levels and are £1,200 higher than the £18,700 expected in 2008.

 

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Notes to Editors

¹Research Plus conducted an independent online survey for Prudential between 29 November and 11 December 2017 among 9.896 non-retired UK adults aged 45+, including 1,000 planning to retire in 2018.

All expected income figures rounded to the nearest £100.