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 higher than the £621 median for the UK. They are a third (33%) higher than in the North East where weekly gross incomes are £547

However, our analysis shows single pensioners in Wales are narrowly the best off compared with other single pensioners across the country. Their gross weekly incomes at £340 are slightly higher than the £338 in the South East and the £337 in the South West.

The data shows just over half (51%) of pensioner couples generate 50% or more of their income from private savings including pensions while just 28% of single pensioners generate more than half of their income from private savings.

That is starting to change, the data shows. Around 58% of pensioner couples who reached State Pension Age recently receive 50% or more of their income from private savings compared with 34% of single pensioners.

The analysis found 93% of pensioner couples have income from private savings compared with 80% of single pensioners.

iSIPP Managing Director Hrishi Kulkarni said: “The differences in retirement income around the country are huge with couples in the South East around a third better off than those in the North East.

“While that probably reflects differences in property wealth it doesn’t tell the whole story as couples in Scotland and the East of England could be marginally better off than those in London where house price rises have outstripped the rest of the country.

“The bigger picture is that private pension saving is on the rise with people recently reaching State Pension Age generating more of their income from their own savings. People need to maximise retirement income as much as they can, and consolidating pensions can make a major contribution.”

The table below shows the breakdown across the country and how much benefits including the State Pension contribute to gross incomes.

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