Belfast Telegraph

Over 65s get half of their income from State benefits

By Vicky Shaw

Retired households typically get nearly half of their income from benefits, according to a study.

The average retired household receives around 48% of its income from benefits, equating to around £10,800, with the state pension making up the biggest chunk, with an average £8,750 contribution per household, analysis of official figures by MetLife found.

By contrast, investment income accounted for 6% of household retirement income at around £1,420 a year per household.

Private pension income was found to account for around 42% of household income.

MetLife argues that the findings underline the need for people to have certainty over their retirement income.

It said that for the wealthiest retired households with incomes in the top 10% bracket, benefits were worth around 21% of household income.

For the least well-off households in the bottom 10% income bracket, benefits made up around 79% of income.

Belfast Telegraph