Retired couples are wealthiest in the South East
Our latest research shows that retired couples in the South East are the best off in the UK with weekly incomes 17% higher than the average for the country as a whole. Our analysis of latest Government data shows weekly gross incomes for pensioner couples in the South East at £727 are nearly a fifth...
Pensions make up less than two-fifths of income in …
Our research shows that pension savings make up less than two-fifths of retirement income on average and that drops to less than a third for single pensioners. Our analysis of latest Government data shows average incomes before tax are around £30,570 for pensioners rising to £41,130 for couples and dropping to £20,120 for single pensioners....
Annual pensioner household spending increases by 1 …
Our latest analysis shows that the cost of a comfortable retirement has increased by nearly a fifth as average spending by retired households climbs to £23,675 a year. Our analysis of latest Government data shows retired households aged between 65 and 74 spend £455.30 a week adding up to £23,675 a year. That is 19%...
Over-55s keep the pension faith despite cost-of-li …
Our latest research shows that over-55s have maintained their focus on pension savings despite the temptation to cut back in the face of the cost-of-living crisis. The research* found less than one in three (31%) of over-55s saving into company or personal pensions have reduced the amounts they contribute or stopped entirely in the past...
Unlock your retirement potential with iSIPP
At iSIPP, we understand the importance of simplifying your retirement savings. That's why we offer a seamless solution for consolidating your existing pensions into one easy-to-manage SIPP account. By bringing your pensions together with iSIPP, you gain full control and choice over your retirement savings and investments. Let's explore the key benefits of transferring your...
Pension saving ‘will bounce back from cost-o …
Retirement saving will bounce back from the ongoing cost of living crisis despite taking a hit as pension savers cut the frequency of payments, the amounts they contributed, and even stopped saving entirely, according to our latest research* . Our research* found that nearly half (45%) of people who save into company or personal pensions...
Up to 2.9 million ‘consider’ pension cuts as c …
Up to 2.9 million people saving into pensions are considering cutting contributions this year as the cost-of-living squeeze continues to put pressure on budgets. Our research* found it is 35 to 54-year-olds who are most likely to reduce or stop pension contributions accounting for nearly half (46%) of the people considering cutbacks. Around 1.3 million...
North East is the cheapest place to be a pensioner
Our latest analysis* shows that The North East of England is the cheapest place to be a pensioner with over-65s needing an annual income of £14,782 to cover spending. Retired people in the North East spend just over £3,000 a year less than the national average and up to £6,768 than in London and the...
The pension annual allowance increase to £60,000: …
In the 2023 spring budget, Chancellor Jeremy Hunt announced an increase in the annual allowance for pension contributions from £40,000 to £60,000. This change has significant implications for individuals who contribute to their pension pots, particularly those who can now afford to contribute more. To illustrate the difference that this change in annual allowance can...
