Pensioner income boost is the result of working past state pension age.Wednesday 28 October 2015
Commenting on recently released ONS data about pensioner income, Saga director of communications, Paul Green commented:
Pensioner income boost is the result of working past state pension age.
As we as a society are living and working longer, the distinction between working and pensioner households is breaking down. Today there are about a million people aged over 65 who carry on working either full or part-time, or become self-employed rather than retire fully. Whilst the ultra-low interest rates have cut the average mortgage by about £500 per month for many working people, they have also slashed savings income and annuity rates, which many older people depend on. A third of over 50s say they rely on savings income to pay for life’s essentials, these people have seen their savings income drop by £100 a month.
It is all about fairness – over time and between generations. The single biggest contribution to reducing the deficit has been the increase in the state pension age - many of us will have to work until we are nearly 70. Far from being self-centred older people are more likely to be generous with their money – many older people have children and grandchildren who they love and want to see in good jobs, in their own home with a good education and they very often give them cash lump sums to help achieve these goals.
Its great news that wages are growing and as the economy improves it will 'lift all boats in the harbour' making a better life for all.
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