Today's retirees 'must work six years longer than in 2006'

A typical male pension saver wishing to retire on an income similar to what he might have achieved in 2006 must now work an extra six years, according to findings from Axa Wealth's latest Pension Index. Men's 'pension affordability age' is now 71.1 years on average, it found, up from 65 five years ago. "Due to significant market volatility in recent years, pension savers face a significant shortfall in retirement income or a much later retirement age," Axa Wealth head of pensions development Mike Morrison (pictured) says. Pension 'affordability' has fallen by almost 40% since 2005,...