The typical UK worker is on course to retire on just £215 per week, less than half of national average earnings and below the current minimum wage, according to the third annual Fidelity Retirement Index.
The index, built on complex financial modeling and a survey of more than 1,000 people, indicates that individuals are set to see their income drop by 53pc on reaching retirement. This figure covers all sources of income, including state pension benefits and private pensions. The median weekly wage in the UK is currently £457, so a 53pc decrease equates to a retirement income of less than the weekly income of those who work a 40 hour week on the minimum wage of £5.52 per hour. While the level of Fidelity's index is down from last year (a 50pc fall was indicated in 2006), it is slightly ...
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