Over-65s face an average 24% income cut in retirement

The provider's research of 389 households shows the average weekly income for people aged 55 to 64 is around £318 a week after housing costs and tax - the equivalent of £16,532 a year. But for the over-65s average weekly income drops nearly a quarter to around £242 a week - the equivalent to £12,586 a year. Primetime Retirement marketing director Stuart Wilson said: "There is a serious reality gap between the incomes people believe they will have in retirement and the incomes they actually achieve." Around a third of over 65s said their weekly income after tax and housing costs is ...