Research from pension firm Aviva shows average incomes for the over-55s have fallen by 4% over the past year, while savings levels have dropped by more than a quarter.
Best savings interest rates still not enough
The report which highlights the financial challenges of retirement, found the typical person over 55 now has £11,153 in savings, 27% lower than December 2010. One in seven people over 55 have no savings at all, while even those who are saving are putting less aside every month.
Savings have been eroded in many cases due to rising prices eating into fixed incomes and meaning that savings ...