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Pensioners' income falls by almost a quarter in a year.

As interest rates hit historically low levels, more than 8 million UK pensioners have seen their monthly income fall by almost 25% from 12 months says SHIP (Safe Home Income Plans) - the trade body that represents the majority of regulated UK equity release providers. 20-04-2009

 With 8 out of every 10 UK pensioners relying on savings or share-based investment income to help fund day-to-day living expenses, this new research illustrates the shocking effects the base rate changes have had on pensioners’ income.

 

In April 2008, the average pensioner was enjoying a monthly return of £158 from their savings if they kept the capital in an easy access base rate tracker account.  This was in addition to their monthly state pension of £393 and accounted for 28.62% of their overall income.  Those couples - who had managed to save double that of singletons - saw their monthly income boosted by £315 which accounted for 33.39% of their overall income.

 

However, as the base rate has fallen so has the amount of income over 65's can derive from their savings and the modest monthly increase in the state pension over this period (single: £20 and couple: £31) has done little to address this problem.   Since April 2008, single pensioners have seen their savings income dwindles to just £16 per month (4% of income) and pensioner couples have seen it fall to £32 (5% of income).


If you are in this position and thinking of increasing your income through an equity release scheme get independent financial advice.

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