The average single pensioner spends around £13,900 a year, while full New State Pension payments total £10,600.
There are nearly three months of the year still to go, however, October 5 marks ‘State Pension Shortfall Day’. This is point in 2023 when the average single pensioner would have exhausted their full annual State Pension payment from the Department for Work and Pensions - the full New State Pension is worth just over £10,600 this financial year - and be reliant on private pension income or other savings to bridge the gap.
If both retirees have a full New State Pension providing annual income of £21,200 that leaves a deficit of £4,415 over the course of the year with State Pension Shortfall Day falling on October 29. He added: “This year’s data also uncovers the financial disadvantage that single pensioners face as they tackle bills, repairs and everyday costs on one income. It’s a difficult conversation to have but as couples plan for retirement they would do well to remember that one of them is likely to outlive the other and factor this into their financial arrangements.”
The full, New State Pension is currently worth £203.85 per week. Uprating using the lower wages growth figure would see people receive £219.75 each week, while under the 8.5 per cent figure it would be £221.20. Estimated State Pension payments from April 2024 The estimated calculations show the current annual rates for the full New and Basic State Pensions. The 'monthly payment' calculated below refers to every four weeks, there are 13 payments made throughout the year.
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