New research from Annuity provider, Partnership, shows retirees have to cope with a massive 40% drop in income compared to when they were working.
Partnership used HMRC data, to show that workers who enjoyed an average pre-retirement income of £19,000, see this plummet on average to just £11,600 when they retire.
Where you live makes a difference
The headline figure though masks some significant regional variations. The largest drop, of over 48%, is experienced by retirees living in London, whilst Wales saw the smallest fall; ...