Women have Much less to live with as Compared to Men after Retirement
LV savings and investment firm said in its annual 'State of Retirement' report, one fifth of the women who are going to retire within another five years have no pension savings and will depend entirely on the state pension.
On an average the people of Britain will find their yearly income plunge by about two third which would be £25,480 to £8,774 inclusive of the state pension at the time when they retire.
Researchers say that whereas the men will get £10,967 per year which comes to £211 per week on an average, the women will receive only £6,580 annually which would be £126 per week. That leaves the women with 40% less income during retirement as compared to the men.
Last night Yvonne Goodwin a pension expert said, "Britain is sleepwalking towards a retirement timebomb with millions not fully appreciating just how much they will need to get by."
What is more troubling is that a number larger than half of these people expect that their regular expenses will either remain the same or will go up when they retire. They expect bank loans, mortgage payments, and credit card debts to shoot up their spending.