One-third in Britain to retire in poverty

April 5, 2011 at 12:06 AM
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LONDON, April 5 (UPI) -- One-third of people in Britain saying they plan to retire this year will have an income below the poverty line -- $23,000 for one person -- researchers say.

Prudential's Class of 2011 study of 10,143 non-retired adults ages 45 and older, including 1,005 who plan to retire in 2011, was conducted by Research Plus Dec. 6-14. Of those saying they intend to retire this year, 19 percent will retire on an annual income of less than 10,000 pounds ($16,000) a year.

Forty percent of women retiring in 2011 will have a pension of less than 14,400 pounds ($23,000) a year compared with 30 percent of men, the survey indicates.

Prudential's research finds 26 percent of women, compared with 12 percent of men, who retire this year will do so on less than 10,000 pounds ($10,000) a year.

Prudential's Class of 2011 research says those planning to retire in Wales and Southeast England are most likely to face retirement poverty -- 42 percent of this year's planned retirees in Wales will have a retirement income below the poverty line and 39 percent in Southeast England expect to have a retirement income below the poverty line.

No margin of error was provided.

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