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Growth in pensioner income surpasses working households

Pensioner households have on average £20 more a week than working households, according to research by Resolution Foundation.

In 2001, pensioner incomes were around £70 a week lower than working age incomes. However, income growth of individuals who turned 65 in 2001 was 7% higher in 2014.

The rise in average pensioner income comes from people retiring in recent years.

Factors driving the rise in pensioner income:

  • higher levels of pensioners in some kind of employment - almost a fifth of pensioners remain in some kind of paid employment after reaching retirement age
  • high levels of home ownership - 73% of pensioners currently own their home 
  • generous private pension pots - occupational pension pots are the biggest source of rising pensioner income.

The value of pensioner benefits income has increased by 8% since 2001, accounting for a quarter of income growth.

Adam Corlett, economic analyst at the Resolution Foundation, said:

"Of course, not all pensioners can draw on these income sources, which is why the state pension will always be the main income for many pensioners.

"The big challenge we face as a society is to ensure that the record incomes that a new generation of pensioners are enjoying are not a one-off gift, and can endure for future generations too."

Talk to us about your retirement income.

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Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
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  - Proactive tax advice throughout the year
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As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
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As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
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  - Payroll bureau
  - Dividends and corporation tax computations

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*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.