Pensioners to be £6,000 a year worse off

How much will we have to live on in our old age? It's a question that none of us can really answer, though judging by the £6,000 shortfall in income facing today's pensioners, it's unlikely to be very much.

A survey by Prudential found that pensioners need an average of £22,000 a year to get by comfortably. But currently, their average income stands at £15,800, leaving two in five admitting that retirement was a harder prospect than they had expected.

Vince Smith-Hughes, head of business development at Prudential, said: 'While some pensioners can draw on a range of assets and savings to boost their income and help them enjoy life in retirement, others simply get by on less than they would like.

'Recent returns on property and equity investments have been uncertain and we therefore strongly encourage people who are currently saving for retirement to seek financial advice to ensure they have an appropriate range of savings in place.'

He added: 'As people are living longer and need to fund more years in retirement, it is increasingly important to seek advice from professionals and put by as much as possible, as early as possible.'

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