Retirement warning: Pensioners face 'worrying reality' as thousands live on less than half the income needed

A new study from Bower Home Finance compared average pension incomes across the UK with recognised retirement benchmarks and found that in every region, single retirees are falling short of the income needed for a comfortable lifestyle.

In the North East, retired couples live on around £740 a week, which is only 63 per cent of the £1,165.38 considered necessary for a comfortable retirement. This is the lowest proportion recorded anywhere in the UK.

Single pensioners in the region face even greater financial pressure, receiving £388 a week, just 46 per cent of the £844.23 experts say is needed to maintain a decent standard of living.

The analysis looked at government pension income data alongside the Retirement Living Standards benchmarks across all UK regions.

In Northern Ireland, the situation is just as difficult. Single retirees there receive only £371 a week, the lowest figure in the country, which amounts to just 44 per cent of what is required for a comfortable retirement.

Yorkshire and the Humber residents also struggle significantly, with couples obtaining 65 per cent and singles securing 47 per cent of recommended income levels.

Geoff Charles, CEO of Bower Home Finance, described the results as revealing a "worrying reality" where numerous UK pensioners cannot secure adequate retirement income.

"Single pensioners face the toughest challenge, falling short of the comfort level in every part of the UK," Mr Charles stated.

He highlighted how couples benefit from combining resources, whilst those living independently encounter substantially greater financial difficulties.

Mr Charles emphasised that retirement planning extends beyond savings alone: "Where you live can make a big difference to how far your money goes and the lifestyle you're able to enjoy."

He suggested relocating to areas with reduced living expenses could help retirees maximise their income.

Individual retirees throughout Britain cannot secure adequate retirement finances, with income levels ranging from merely 44 per cent to 56 per cent of established comfort benchmarks.

The research demonstrates that no UK region enables single pensioners to achieve sufficient income for comfortable living.

Even in the most prosperous areas, solo retirees fall drastically short - the South East's singles receive 56 per cent of necessary funds despite ranking highest nationally.

Wales and Scotland's single pensioners manage 50 per cent of required income, whilst those in the East Midlands achieve 51 per cent.

The data confirms that living alone in retirement creates insurmountable financial obstacles regardless of geographical location.

Pensioners in the South East achieve the highest income levels nationally, with couples securing £1,051 weekly - 90 per cent of the £1,165.38 comfortable retirement threshold.

London follows closely, where retired couples receive £1,025 weekly, representing 88 per cent of required standards.

Single retirees in these regions still face substantial shortfalls despite leading national rankings - South East singles obtain £469 weekly (56 per cent of benchmarks) whilst London's receive £462 (55 per cent).

Scotland and eastern England share third position for couples at £919 weekly (79 per cent of comfort levels).

The South West completes the top five, with couples receiving £913 weekly (78 per cent) and singles achieving the third-highest national ranking at £459 (54 per cent).

Mr Charles concluded: "For those getting close to retirement, this is a reminder that it’s not just about the size of your savings.

"Where you live can make a big difference to how far your money goes – and the lifestyle you’re able to enjoy. Sometimes, moving somewhere with lower living costs can stretch your income further and make day-to-day life feel that much easier."