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Prudential has revealed that more than a third (35 per cent) of people planning to retire in the
To meet its minimum income standard the
Prudential’s Class of 2011 study surveyed people intending to retire this year and also revealed that nearly one in five (19 per cent) will retire on an annual income of less than 10,000 pounds a year.
Women planning to retire this year are even more likely to have incomes below the poverty line. 40 per cent of women retiring in 2011 will have a pension income of less than 14,400 pounds compared with 30 per cent of men. Prudential’s research also found that a quarter (26 per cent) of women compared with 12 per cent of men will retire this year with less than 10,000 pounds a year to live on.
“People approaching retirement should seek professional financial advice as a prerequisite to maximising their income. We would recommend that you review your finances with an adviser annually in the years immediately before your planned retirement.
“Following the simple advice to start saving as much as you can as early as you can should help to secure the retirement income you want and need. Making voluntary
Prudential’s Class of 2011 research also found that those planning to retire in