Pensioner poverty a real threat as 300,000 set to retire
The prospect of pensioner poverty is staring us in the face. Few of us fancy living on €8.50 a day. But that is set to be the reality for many as they have so little in their pension pots that they can expect an annual income from their fund of just over €3,000.
This is because the average amount people have saved into their fund is just €80,000.
This will give an annual income to a 65-year-old of €3,100, based on a single life annuity with a five-year guarantee, according to Standard Life.