The full state pension is still £2,643 short of the basic income needed for a minimum standard of living in retirement – even after it rises next April .
Alice Guy, head of pensions and savings at Interactive Investor, has warned pensioners currently need £14,144 each year before tax. This is based on findings from the Pensions and Lifetime Savings Association living standards.
But the full new state pension is currently worth £10,600 a year. It will rise to £11,501 in April next year – meaning it will still fall short of what someone needs for a basic income. Just over […]
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