Pension income only half needed for 'adequate standard of living'

The latest analysis says the projected annual income for a 30 year old has dropped by £518, whilst that of a 60 year old has decreased by £358. It found 65 year olds will receive average annual incomes of £7,666. This is half the income the Joseph Rowntree Foundation recommends for an adequate standard of living (£14,400). Using the Aon DC index, which follows the projected retirement income of individuals of various ages who contribute 10% of a £25,000 salary to a DC pension, the report estimates an income of £19,344 per year for a 30 year old. For 60 year olds, the projected annual ...