Ryan FowlerPensioners in the South East of England come closest to achieving the income needed for a comfortable retirement, according to new research by equity release specialists Bower Home Finance.
The analysis compared government data on pensioner incomes with the Retirement Living Standards benchmark.
Couples in the South East receive £1,051 a week, equal to 90% of the £1,165.38 needed for a comfortable lifestyle, the highest proportion in the UK. Single pensioners in the region earn £469 a week, covering 56% of the £844.23 benchmark, but still rank first nationally.
London couples ranked second, averaging £1,025 a week (88% of the benchmark), while Scotland and the East of England shared third place at £919 (79%). At the other end of the scale, couples in the North East had the lowest relative income at £740 a week, equal to 63% of the comfort standard. For single pensioners, Northern Ireland recorded the lowest weekly income at £371, covering just 44% of the benchmark.
Geoff Charles, chief executive officer of Bower Home Finance, said: “These figures show a worrying reality – many pensioners in the UK are falling short of the income needed for a comfortable retirement.
“Single pensioners face the toughest challenge, falling short of the comfort level in every part of the UK. While couples can stretch their income further by pooling resources, those living alone often struggle much more to make ends meet. The shortfall is especially stark in Northern Ireland, where single retirees receive just 44% of the income considered necessary for a comfortable lifestyle – the lowest figure in the UK.
“For those getting close to retirement, this is a reminder that it’s not just about the size of your savings. Where you live can make a big difference to how far your money goes – and the lifestyle you’re able to enjoy. Sometimes, moving somewhere with lower living costs can stretch your income further and make day-to-day life feel that much easier.”
