UK - Figures released by the Office of National Statistics (ONS) reveal many pensioners are living on modest incomes, while rising inflation continues to add to the financial pressures faced by retirees.
However, the ONS' information also showed around two-thirds of pensioners had a private pension income, the average income for couples being £11,059 a year. Male pensioners received an average of £6,812, while the average for women was £5,519m.
Overall, 39% of pensioner couples, 58% of men and 64% of women had a private pension income of less than £5,000.
Meanwhile, BlackRock highlighted that the effect of rising inflation, which hit its highest level since the early 1990s last month (3.8%) last month, would severely impact pensioners' abilities to lead a comfortable lifestyle in retirement.
Steve Rumbles, head of UK defined contribution, BlackRock, commented: "Pensioners, particularly those on fixed pensions, are among those hit hardest by high inflation. An income that seems adequate on retirement can quickly be eroded by inflation.
"Inflation is now running at 3.8% a year. For many essentials that figure is even higher. This is a reminder of how important it is for pension scheme members to think ahead about what they will need in retirement."
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