A Grim Future

Many workers imagine that come retirement age they will be able to enjoy a sort of rocking-chair type of retirement but a recent report shows that to be a complete illusion. 'Millions of retirees face a pensions shock with most having to live on less than the minimum wage. The average Briton will see their annual income plummet by two-thirds from £25,480 to £8,774 - including state pension - when they stop working. Researchers have found that men will receive £10,967 a year, or £211 a week on average, but women will have to get by on just £6,580, or £126 a week.' (Daily Express, 22 April) According to the grim report by savings and investment firm LV, a fifth of women and 12 per cent of men who are within five years of retiring have no private pension and will rely solely on the state. These people will see their income fall by three-quarters on average to around £110 a week. Hardly an idyllic future, is it? RD