The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
This is MoneyFUND FOCUS: Law Debenture is a law unto itself – the global trust with a split personalityThis is MoneyBy Personal Finance Reporter For The Mail On Sunday ... Now, the corporate services arm's activities range from acting as independent trustees for company pension schemes through to offering a whistleblowing facility for employees if they are aware of ...
This is MoneyJEFF PRESTRIDGE: How six workers who lost their jobs after their employers went bust stopped a pensions abyssThis is MoneyOn Wednesday, while the heat was intensifying on Sir Philip Green to plug the gaping hole (a £571 million hole) in the BHS pension scheme, six middle-aged gentlemen were quietly allowed into the armed courtyard of 10 Downing Street. Their mission, to ...BHS - The 'Dead Store Walking' That Never Really Had a ChanceHuffington Post UKall 34 news articles »
Telegraph.co.ukNegative rates are bad for everyone - just ask Sir Philip GreenTelegraph.co.ukTo many of us, it's been obvious for a long time now that ultra-low interest rates are doing more harm than good, driving up house prices and mortgage debt for no particular benefit to consumption and business investment. Quite the reverse, in ...JON REES: What was Sir Philip Green thinking and why did we not learn when Comet went bust after being sold for £1?This is Moneyall 31 news articles »
Personal Account: If you want a pension done properly, DIYThe Sunday TimesProbably the biggest personal finance change in living memory is the recent requirement for almost all of us to think about how we will pay for our final years. When I was young, many otherwise well-informed folk believed that paternalistic employers ...
Daily MailFlorida man accused of killing tourist then having sex with her body for hoursDaily MailA Florida man murdered a 52-year-old woman, used her credit card to go and eat at a waffle house, and then returned to the scene and had sex with her body for hours, according to police. Timothy Johnson, 25, was ... Cook said that Therianos had planned ...and more »
Have you met...
Latest Members:


Tania Bae


peuores


DeanWatriama


afnan36


girlagogo


aksawy


walaa

 

General News

Email this story to a friend:

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.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks