Low-income retirees, financial position and wellbeing

Will Parry and James Lloyd

This research looks at the relationship between income, wealth and the experience of retirement of low-income older households.

Following recent government policy changes allowing people greater freedom and choice around pension savings, it finds that different levels of low income, around or below the government’s guaranteed minimum income level for older people, do not lead to different experiences of retirement. It found that non-housing wealth, such as ‘buffer savings’, are what makes the difference in people’s experiences of retirement.

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