A Bleak Future

There is a popular image of old age painted by press, TV and advertising companies of elderly people surrounded by adoring grandchildren in rocking chair contentment, but according to a recent study by Prudential it is far from the truth. One in five people retiring in Britain in 2013 will fall below the income poverty line , and nearly a quarter of women will enter retirement entirely dependent on the basic state pension. 'One in seven (14%) people planning to retire in 2013 will depend on the state pension, currently a maximum of £110.15 a week, as they have no other pension arranged. Among women the figure rises to 23% compared to 8% of men. Even those with a small private pension may still be below the poverty line, which the Joseph Rowntree Foundation estimates to be £8,254 a year for a single pensioner in the UK. Prudential found that 18% of people retiring this year would have an income below that level.' (Guardian, 22 May) RD